تمهيد
| No: 598900000099 | Date(g): 2/1/2019 | Date(h): 25/4/1440 |
Effective from 2019-01-02 - Jan 01 2019
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Based on the powers granted to the Central Bank under the Banking Control System issued by Royal Decree No. (M/5) dated 22/2/1386 H, the Real Estate Financing System issued by Royal Decree No. (M/50) dated 13/8/1433 H, and the Financing Companies Control System issued by Royal Decree No. (M/51) dated 13/8/1433 H, and in accordance with the Cabinet Decision No. (494) dated 14/9/1439 H approving the amendment of Article (5) of the Non-Saudis Ownership and Investment in Real Estate System, which included paragraph (1/c/2) of the same article stating: "Banks and licensed real estate financing companies by the Central Bank are exempt from the term (non-Saudis) prohibited from owning real estate in the cities of Mecca and Medina, according to regulations established by the Central Bank, limited to owning real estate for financing Saudis, as well as properties designated for their headquarters or branches, or necessary for conducting their activities."
Attached is a copy of the regulations governing the ownership of banks and real estate financing companies for properties located in the cities of Mecca and Medina. The Central Bank emphasizes that banks and real estate financing companies must immediately take the necessary actions to ensure full compliance with these regulations.