Shura Council approved these new regulations today

The Saudi Shura Council approved today the draft of the real estate units’ ownership regulations.

The 33-articles draft aims to regulate the owners’ relations in jointly managing the property.

The Shura Council also approved canceling the installments sale system issued in 2005, and to halt the related draft system launched in 2017.

According to data compiled by Argaam, the Ministry of Commerce and Investment and the Saudi Monetary Authority (SAMA) had started to work on implementing new regulatory arrangements on installment sales, under which no installment sale licenses would be issued based on the previous regulations. Accordingly licensed companies were to resume installment sales until the end of their licenses.

Read: SAMA says new regulations to facilitate sales by installments in Saudi Arabia

Elsewhere, the Shura Council called on the Saline Water Conversion Corporation to establish its new station outside the cities’ urban areas and to transfer the existing stations, as they are deemed harmful.