Approval of Off-Plan Sales Licenses Issued by the ECZA

Saudi Central Bank (SAMA)
Reference No.: 44082619
Date: 1444/10/28
Attachments: None

Circular

Addressees / Gentlemen, Peace, mercy, and blessings of God be upon you.

Subject: Approval of Off-Plan Sales Licenses Issued by the Economic Cities and Special Zones Authority.

In light of the Saudi Central Bank's regulatory and supervisory role over banks, financial institutions, and financing companies, and based on Royal Decree No. (A/19) dated 10/3/1437 AH, establishing the Economic Cities and Special Zones Authority (ECZA), and Article (Third) amended by Royal Decree No. (A/240) dated 1/4/1441 AH, which stipulates that the ECZA shall issue licenses for all commercial and industrial activities within cities and special economic zones under its jurisdiction.

Accordingly, the Saudi Central Bank confirms that all banks, financial institutions, and financing companies must approve off-plan sales licenses issued by the ECZA and referenced in the Ministry of Municipal, Rural Affairs and Housing's platforms (Mseki Program) when granting credit facilities for the purchase of real estate products developed by economic city developers in their respective special economic zones.

To answer and act accordingly, effective from its date.
Yours sincerely,

Al-Namjan
Yazeed bin Ahmed Al-Sheikh
Deputy Governor for Supervision

Distribution Scope:

• Banks and financial institutions operating in the Kingdom.
• Financing companies operating in the Kingdom.

P.O. Box 2992 Riyadh 11169, Kingdom of Saudi Arabia Tel: +966 11 463 3000
P.O. Box: 2992 Riyadh 11169 Kingdom of Saudi Arabia Tel: +966 11 463 3000