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Effective from 2019-01-02 - Jan 01 2019 To view other versions open the versions tab on the right
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Without prejudice to related regulations, banks and real estate financing companies may own properties located in the cities of Mecca and Medina for the purpose of financing them to beneficiaries, or such ownership may be specific to their headquarters, branch offices, or necessary for their operations.
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Without prejudice to the provisions of the Non-Saudi Ownership of Real Estate and Investment System, the financing referred to in paragraph (2) of these regulations is limited to natural or legal persons holding Saudi nationality only, in accordance with the applicable regulations set forth by the relevant authorities.
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Banks and real estate financing companies are prohibited from selling properties they own in the cities of Mecca and Medina for the purpose of using them as (branches or employee housing) to non-Saudis.
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Banks and real estate financing companies are prohibited from selling properties acquired due to customer defaults in payment or their unwillingness to own them at the end of the contract if the real estate financing contract is in the lease format to non-Saudis.
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Banks and real estate financing companies must conduct due diligence to ensure that the actual beneficiary of the real estate financing in the cities of Mecca and Medina holds Saudi nationality concerning properties owned by the bank or real estate financing company related to active financing contracts.
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Banks and real estate financing companies must limit real estate financing contracts for individuals to the standard forms of real estate financing contracts according to what is issued by the central bank in this regard.
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Banks and real estate financing companies must notify the central bank well in advance before acquiring or selling properties located in the cities of Mecca and Medina, and provide sufficient information about the property and the buyer.
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Banks and real estate financing companies must provide the central bank with quarterly reports that include cases of (ownership/sale/transfer) of properties located in the cities of Mecca and Medina.
