The National Committee for Real Estate Development at the Union of Saudi Chambers of Commerce confirmed that the new circular issued by the Saudi Central Bank on requiring banks and banks operating in the Kingdom to provide it with annual plans to liquidate properties that have been transferred to them as a result of settling the debts of defaulted customers is a procedure previously approved by banks.

National Committee for Real Estate Development In a statement, the committee explained that the latest update aims to organize and unify the mechanism of submitting this data to the Central Bank, so that the reports are submitted within 30 days from the middle and end of each calendar year, according to the form approved by the bank.

The committee explained in a statement that the latest update aims to organize and unify the mechanism of submitting this data to the Central Bank. It is noteworthy that the Central Bank stressed in its recent circular that all banks and banks must submit these annual plans to liquidate the real estate owned by them against the debts of defaulted customers, within a period not exceeding 30 days from the end of each calendar year, to enhance market transparency and regulate real estate assets associated with financial defaults.