Commercial mortgage contracts secure SAR 492 mln debts in 3 months

24/07/2019 Argaam

 

More than SAR 492 million in debt were secured by the commercial mortgage contracts, registered in the Unified Centre for Lien Registration over the last three months, the Saudi ministry of commerce and investment said in a statement.

 

The Unified Centre for Lien Registration helps the commercial entities to secure the required financing and benefit of the commercial mortgage system. Additionally, financial entities can secure the commercial mortgage contracts of the different assets including vehicles, equities, bank deposits and current accounts.

 

“The service is boosting the credit activities all over the kingdom,” the ministry added.

 

In March, the Ministry of Commerce and Investment approved the executive regulation of the commercial mortgage law, Argaam reported.

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