The Real Estate Developers Services Center (TAMAMAM) announced that it has signed two memorandums of understanding with Riyad Bank and Bayan Credit Information Company to provide a number of electronic services and financial analysis to facilitate the work of real estate developers through the TAMAMAM platform, as an extension of the Center's efforts to facilitate the procedures of real estate development to contribute to the development of the sector and raise its contribution to the GDP, in the presence of H.E. Deputy Minister of Municipal and Rural Affairs and Housing Engineer Abdullah bin Mohammed Al-Badeer.

Special services for real estate developers

The agreement was signed by the Director General of the Real Estate Developer Services Center (TAMAMAM), Engineer Abdulwahab bin Musaffar Al-Qahtani, on the part of Riyad Bank, Senior Head of Corporate Banking, Mohammed bin Abdulaziz Abulnaga, and Bayan Credit Information Company, General Manager of the Information Technology Department, Engineer Mohammed bin Faisal Bamkadam, within the efforts of the Center to achieve the targets of the Housing Program - one of the programs of Saudi Vision 2030 - to increase home ownership for Saudi families to 70% by 2030.

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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 off-plan sales project data 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.

While 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 (ITAMAM), Engineer Abdulwahab bin Musaffar Al-Qahtani, explained that the signing of the two MoUs with Riyad Bank and Bayan Credit Information Company is a continuation of the center's efforts to improve services and remove obstacles for real estate developers, and confirms the role of ITAMAMAM 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 adequate 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 developing the business of both sides by providing information exchange services and joint cooperation between the two sides.

Riyad Bank and Bayan Credit Information Company.