The number of registered financial lease contracts during the past year reached about one million registered contracts between fixed and movable assets last year, according to data Saajel, which operates with the support and supervision of the Saudi Central Bank «SAMA».
Saajel, the Saudi Company for Registration of Financial Lease Contracts, which operates with the support and supervision of the Saudi Central Bank «SAMA». The company explained that Villas led the properties financed since 2020 with 54%, representing the highest percentage among all property types in Saudi Arabia, except in the western region where apartments lead with the highest percentage of financing
Since 2019, the company specialized in the registration of financial leases «Sajeel» provides 7 basic services stipulated by the Financial Lease Law, including registration services and its updates, in addition to issuing executive extracts.
On this occasion, Sajeel said. <On this occasion, Sajeel CEO Ahmed Al Wasel said: «Today we are celebrating 5 years of operations, since our launch we have developed our services and simplified procedures, enabling us to register more than one million financial leases.»
According to Sajeel, «Sajeel« includes registration services and updates, as well as the issuance of executive extracts. According to its statement, Sajeel has contributed to reducing the number of lawsuits submitted to the courts, as the execution of registered contracts is now governed by controls and legislation, and contributed to reducing the burden on the courts by assigning certificates of recovery of transferred assets directly to licensed asset recovery companies, in addition to working with legislative authorities to develop controls for executive extracts and licensing a number of companies.
The company revealed that it has contributed to reducing the number of lawsuits submitted to the courts. The company revealed the diversity of the contracts concluded and registered with it, as vehicle contracts from 2020 to 2024 constitute the largest percentage, amounting to 98% of contracts concluded and registered, while real estate and other assets represent 2%, and with regard to the distribution of contracts from 2020 to 2024, the number of commercial contracts constituted 11%, while individual contracts constitute 89%, and female contracts represent 17% of individual contracts.
From 2020 to 2024, the number of commercial contracts accounted for 11%, while individual contracts accounted for 89%, and female contracts accounted for 17% of individual contracts.
Looking at the age demographics, the 25-34 age group accounts for the highest percentage, with 30% of registered contracts, gradually decreasing to 6% in the 55-64 age group. These figures show the remarkable increase in the number of registered contracts in recent years, reflecting the dynamism of the financial leasing market in the Kingdom and its significant recovery from the pandemic.
These figures show the remarkable increase in the number of registered contracts during recent years.
