Riyadh-Amlak
The Saudi Arabian Monetary Agency (SAMA) has issued the first license to practice real estate finance and financial leasing activities to Riyad Bank.
His Excellency the Governor of the Monetary Authority, Dr. Fahd bin Abdullah Al Mubarak, explained that a number of banks and companies have applied in recent months for licenses to practice real estate finance and leasing activities in the Kingdom, indicating that the Monetary Authority is currently completing the study of more than 15 applications, whose owners are fulfilling the statutory licensing requirements, and that a number of these applications are in advanced stages.
The Monetary Authority called on existing financing companies that have not yet applied for the necessary licenses, to complete the applications for licenses and obtain licenses, and submit them to the institution before the expiration of the deadline in order not to be suspended from practicing the activity, stressing that the three financing systems, which include the real estate financing system, the real estate lease system, the financial lease system and the system of monitoring financing companies and their executive regulations and the various license application forms for financing activities are available on the institution's website.

Financing companies are currently completing the study of 15 applications, whose owners are fulfilling the requirements for licenses, and a number of these applications are in advanced stages.