The Real Estate Developers Services Center “Etmam” announced that it has signed two memoranda of understanding with Riyad Bank and Bayan Credit Information Company to provide a range of electronic services and financial analyses aimed at facilitating the operations of real estate developers through the “Etmam” platform, as part of the center’s ongoing efforts to streamline real estate development procedures, thereby contributing to the sector’s growth and increasing its share of GDP. The signing took place in the presence of His Excellency the Deputy Minister of Municipal, Rural, and Housing Affairs, Engineer Abdullah bin Mohammed Al-Badeer.
Special Services for Real Estate Developers
The agreement was signed on behalf of the “Etmam” Center by the General Manager of the “Etmam” Real Estate Developers Services Center, Engineer Abdulwahab bin Musfir Al-Qahtani, on behalf of Riyad Bank, by Mohammed bin Abdulaziz Abu Al-Naja, Senior Vice President of Corporate Banking; and on behalf of Bayan Credit Information Company, by Engineer Mohammed bin Faisal Bamqadim, General Manager of the Information Technology Department; as part of the Center’s efforts to achieve the goals of the Housing Program—one of the programs under the Kingdom’s Vision 2030—to increase the homeownership rate among Saudi families to 70% by 2030.
The memorandum of understanding with Riyad Bank aims to strengthen cooperation between the two parties to provide electronic services through the “Etmam” platform to enable real estate developers to open an escrow account for off-plan projects, apply for financing for licensed projects, and provide data on off-plan projects to facilitate financing for the bank’s individual customers.
Meanwhile, the memorandum of understanding with Bayan Credit Information aims to strengthen financial consulting and analysis for the real estate development sector, exchange expertise and information, and share studies and statistics related to the real estate development sector.
Overcoming Obstacles for Real Estate Developers
The General Manager of the Real Estate Developers Services Center “Etmam,” Engineer Abdulwahab bin Musfir Al-Qahtani, explained that the signing of the two memorandums of understanding with Riyad Bank and Bayan Credit Information Company is a continuation of the Center’s efforts to improve services and overcome obstacles facing real estate developers, and reaffirms the role of “Etmam” in facilitating the development of real estate projects in the Kingdom and creating an attractive environment for investments in the real estate sector from both within and outside the Kingdom to increase the supply of residential units and make it easier for Saudi families to obtain suitable housing.
Al-Qahtani noted that the two memorandums will contribute to improving service efficiency, accelerating the pace of work on residential projects, and facilitating “Etmam’s” provision of services to real estate developers through its online platform, as well as 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 growth of both parties’ businesses by providing information-sharing services and fostering mutual cooperation.
