Regulatory Alerts2023-05-18
Approval of Off-Plan Sales Licenses Issued by the ECZA
The Saudi Central Bank mandates that all domestic banks, financial institutions, and financing companies must approve off-plan sales licenses issued by the Economic Cities and Special Zones Authority (ECZA) when granting credit facilities for real estate purchases. This requirement applies exclusively to licenses referenced in the Ministry of Municipal, Rural Affairs and Housing’s Mseki platform and targets properties developed by economic city developers within their designated special zones. Effective immediately, the directive standardizes credit approval processes by aligning them with ECZA’s regulatory licensing framework under Royal Decrees A/19 and A/240.
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