The completion of the procedures of the marginalization mechanisms on sukuk is linked to the restriction and approval of the real estate developer

Marginalization of instruments

Posted in

The Council of Saudi Chambers emphasized the importance of real estate developers being registered with the Ministry and obtaining a certificate of accreditation for one of the approved real estate development activities listed in their commercial register, so that they may complete the procedures for the off-plan sales mechanisms in accordance with the regulations and operating rules of the Off-Plan Sales and Leasing Committee, based on the directive issued by the Ministry of Municipal, Rural Affairs, and Housing.

The National Guide to Economic Activities specifies the real estate development projects subject to classification that require obtaining a classification and accreditation certificate from the Ministry in order to engage in real estate development projects. These activities are:

CodeActivity NameNo.
681010Purchase, sale, and subdivision of land and real estate, and off-plan sales.1
681021Management and leasing of owned or leased real estate (residential).2
681022Management and leasing of owned or leased real estate (non-residential).3
410051Real estate development of residential buildings using modern construction methods.4
410052Real estate development of commercial buildings using modern construction methods.5