Special services for real estate developers
The agreement was signed by Abdulwahab bin Musaffar Al-Qahtani, General Manager of the Real Estate Developers Services Center, Riyad Bank's Senior Head of Corporate Banking, Mohammed bin Abdulaziz Abulnaga, and Bayan Credit Information Company, General Manager of Information Technology Department, Mohammed bin Faisal Bamqadam, as part of the center's efforts to achieve the objectives of the Housing Program - one of the programs of Saudi Vision 2030 - to increase home ownership rate for Saudi families to 70% by 2030.The agreement was signed on the part of "Completion" center. The MoU with Riyad Bank aims to enhance cooperation between the two parties to provide e-services through the "Completion" platform to enable real estate developers to open an escrow account for off-plan sales projects, apply for financing for licensed projects, and provide data for off-plan sales projects to facilitate financing for individuals from the bank's customers.
The memorandum of understanding with Riyad Bank aims to enhance cooperation between the two parties to provide e-services through the “Completion” platform. The MoU with Bayan Credit Information Company will enhance the field of financial consultancy and analysis for the real estate development sector, exchange experiences and information, and share studies and statistics related to the real estate development sector.
Developer obstacles removed
The Director General of the Real Estate Developers Services Center, Engineer Abdulwahab bin Musaffar Al-Qahtani, explained that the signing of the two MoUs with Riyad Bank and Bayan Credit Information Company comes as a continuation of the center's efforts to improve services and remove obstacles for real estate developers, and confirms the role of "Completion" in facilitating the establishment of real estate projects in the Kingdom and creating an attractive environment for investments in the real estate sector from inside and outside the Kingdom to increase the supply of housing units and facilitate Saudi families to obtain suitable housing.Al-Qahtani pointed out that the two memorandums will contribute to raising the efficiency of services and accelerating the pace of work in residential projects, facilitating the provision of services to real estate developers through its electronic platform, and adding joint electronic and advisory services with Riyad Bank and Bayan Credit Information Company to serve the real estate development sector and contribute to the development of both sides" business by providing information exchange services and joint cooperation between the two sides.
Riyad Bank and Bayan Credit Information Company will also contribute to the development of the real estate development sector.
