The Saudi Central Bank (SAMA) announced the release of public consultation on rules for regulating the business of real estate refinance companies. The issuance of these rules comes in continuation of SAMA's efforts to develop the financial sector and to keep abreast with developments of the financing industry in general. In addition, supporting and enabling real estate finance entities, in particular, has led to the emergence of Real Estate Refinance Company, and to the development of the real estate sector. SAMA clarified that the rules aim to ensure stability and growth of the real estate secondary market and to provide better ways for real estate finance entities to finance the beneficiaries in order for them to own houses. It would also play the role of mediator between the real estate finance sector and other sources of financing. In this regard, SAMA invites the public, specialists, and interested individuals to provide their views and observations on the rules within (30) days. It noted that all views and observations will be under consideration for adopting the final version of these rules. — SPA
