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Chapter One: Definitions

No: 598900000099 Date(g): 2/1/2019 | Date(h): 25/4/1440

Effective from 2019-01-02 - Jan 01 2019
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The following words and phrases, wherever mentioned in these controls, shall have the meanings set forth opposite each, unless the context indicates otherwise.
 
 Controls: Controls for Banks and Real Estate Finance Companies Owning Real Estate Located within the Cities of Makkah and AL-Madinah.
 
 Central Bank: The Saudi Central Bank*.
 
 Banks: Banks operating in the Kingdom.
 
 Real Estate Finance Companies: Joint-stock companies licensed to practice real estate financing activities.
 
 Non-Saudi: A natural person who does not hold Saudi citizenship, or a non-Saudi company, or a Saudi company founded or participated in by a natural or legal person who does not hold Saudi citizenship.
 

* The "Saudi Arabian Monetary Agency" was replaced By the "Saudi Central Bank" in accordance with The Saudi Central Bank Law No. (M/36), dated 11/04/1442H, corresponding to 26/11/2020G.