Etmam, Al-Rajhi Bank Co-sign MoU

The Real Estate Developer Services Center “Etmam” and Al-Rajhi Bank Co-signed a memorandum of understanding (MoU), to provide a number of electronic services and financial analyzes to facilitate the work of real estate developers, through the Etmam platform.

And to facilitate real estate development work procedures to contribute to the development of the sector and raise its contributions to the GDP.

Ceremony of the memo’s inking took place, in the presence of Deputy Minister of Municipal and Rural Affairs and Housing, Eng. Abdullah bin Muhammad Al-Badir and Waleed bin Abdullah Al-Muqbil, CEO of Al-Rajhi Bank.

The agreement was signed by Etmam Director General Eng. Abdulwahab bin Misfer Al-Qahtani, and by Al-Rajhi Bank General Director of the Corporate Sector Hussam bin Essam Al-Basrawi.

It is a part of the efforts of the Real Estate Developers Services Center to achieve the goals of the housing program – one of the programs of the Saudi Vision 2030 – to increase the percentage of of Saudi families residential ownership to 70% by 2030.

The memorandum of understanding aims to enhance, also, ways of cooperation between the two parties to provide electronic services through the platform, to enable real estate developers to open an escrow account for off-plan sales projects, apply for financing licensed projects, and provide data for off-plan sales projects to facilitate the financing of individuals from the bank’s customers.

The agreement comes as a continuation of the center’s efforts to improve services and overcome obstacles for real estate developers, and to emphasize the center’s role in facilitating the establishment of projects, in the real estate sector in the Kingdom, and creating an attractive environment for investments in the sector from inside and outside the Kingdom, to increase the real estate supply of housing units and facilitate Saudi families’ access to adequate housing, in line with the objectives of the Housing Program – one of the programs of the Kingdom’s Vision 2030.

It is noteworthy that the agreement shall  contribute to raising the efficiency of work and accelerating its pace in residential projects, facilitating the provision of Etmam services to real estate developers, through its electronic platform, and adding joint electronic and advisory services with Al-Rajhi Bank, to serve the real estate development sector and contribute to the development of the business of both sides, through information exchange and joint cooperation.