Saudi Arabia issued final regulations on real-estate financing, leasing and supervision of financial companies as the kingdom works to ease a housing shortage by opening up its mortgage market and enacting the country’s first home-loans law.
The regulations outlining three of the five laws that make up the package of changes were posted today on the website of the Saudi Arabian Monetary Agency. Rules on the enforcement of foreclosures and mortgage registrations have yet to be completed.
The package goes into effect when regulations for the two remaining laws are finished and once the final version of the legislation are publicized in the official newspaper, which should be in the next few weeks, said Abdulaziz AlGasim, the managing partner at Abdulaziz AlGasim Law Firm who was involved with drafting the mortgage measure.
Read more: http://www.bloomberg.com/news/2013-02-24/saudi-arabia-completes-regulations-for-3-of-5-new-mortgage-laws.html
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