Approval of off-Plan Sales licenses issued by the ECZA - Economic Cities and Special Zones Authority
| No: 44082619 | Date(g): 18/5/2023 | Date(h): 28/10/1444 | Status: In-Force |
Translated Document
Starting from the supervisory and regulatory role of SAMA over banks and finance companies, and based on Royal Order No. (A/19) dated 10/03/1431H which stipulates the Statute of the Economic Cities and Special Zones Authority, and to Article (3) as amended by Royal Order No. (A/240), dated 01/04/1441 H, which included that the Authority for Economic Cities and Special Zones shall be responsible for issuing licenses for various commercial and industrial activities within the Economic Cities and Special Zones under the authority's jurisdiction.
Therefore, SAMA emphasizes that all banks and finance companies must rely on off-plan sales licenses issued by the Economic Cities and Special Zones Authority, which are listed on the platforms of the Ministry of Municipal and Rural Affairs and Housing (Sakani Program), in order to provide credit facilities for the purchase of real estate products associated with economic city developers and within their special economic zones.