Regulatory Alerts2022-04-26
Added · Updated
Circular on Rules Governing Real Estate Refinance Companies
The Saudi Central Bank's Rules Governing Real Estate Refinance Companies establish requirements for licensed entities regarding capital adequacy, liquidity, and governance. Companies must maintain capital adequacy and liquidity ratios determined by the Central Bank, and adhere to specific professional and financial eligibility criteria for board members and senior management. The rules also mandate the establishment of specialized committees, internal policies for risk management, and a Saudization rate for human resources starting at 50% and increasing by 5% annually to 75%. These companies are authorized to acquire real estate finance contracts, issue securities, and provide financing to real estate financiers, but are prohibited from directly financing beneficiaries.
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