Etmam, Al Rajhi Bank sign MoU provide financial, electronic services to developers

The Real Estate Developer Services Center Etmam signed a memorandum of understanding with “Al-Rajhi Bank” to provide a number of electronic services and financial analyses to facilitate the work of real estate developers through the Etmam platform

The MoU aims also to facilitate real estate development work measures to contribute to the development of the sector and raise its contribution to the Gross Domestic Product.

This agreement was signed in the presence of the 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.

This agreement comes within the efforts of the Real Estate Developers Services Center to achieve the objectives of the Housing Program, which is one of the programs of the Kingdom’s Vision 2030, in order to increase the proportion of housing ownership for Saudi families to 70% by 2030.

The memorandum of understanding with Al Rajhi Bank aims to improve means of cooperation between the two parties to provide electronic services through the Etmam platform to enable real estate developers to open a security account for sales projects on the off-plan sale.

It also aims to apply for financing for licensed projects, and to provide data on sales projects on the off-plan sale to facilitate the financing of individuals from the bank’s clients.

The agreement comes as a continuation of the center efforts to enhance services and overcome difficulties for real estate developers

It emphasizes the center 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.