The finance lease contract is a contract under which the lessor leases fixed or movable assets, rights, services or intangible rights in the lessor’s capacity as owner or owner of proceeds thereof, or a person able to own or produce such assets, provided that the lessor has obtained such assets for the purpose of leasing them, as a business, to a third party, as specified by Regulations.
2.
Without prejudice to provisions governing Real Estate Ownership by Non-Saudis, ownership of leased assets may be conveyed to the lessee pursuant to the provisions of the contract either by stipulating that ownership conveyance is conditional on paying the dues of the contract, paying such dues plus a certain amount, promising to sell for a nominal price, paying the price agreed upon in the contract, paying the value of the leased asset at the time of concluding the sale contract, or by way of gift.
