The escrow account is a new product that targets all the real estate developers in Saudi Arabia who want to sell their units on the map.
In April 10, 2009, the Ministry of Commerce in Saudi Arabia approved a law that allowed them control over the selling of real estate units (on the map). This means that any real estate company cannot announce or sell real estate units (on the map) in any way, unless it obtained approval from the new committee formed by the Ministry of Commerce to organize all sale activities of real estate developers.
Features and Benefits
- Specially made for real estate developers who want to sell real estate units on the map
- Approval from the Ministry of Commerce and SAMA to open and operate the account
- A dedicated team of experts in Cash Management control this account
- Permission from the Ministry of Commerce and Industry toopen the account
- Signature of the Escrow Account contract with the Bank
How to Subscribe
It is very easy to apply. To find out more about our efficient service, please contact your Relationship Manager or you can reach us in the following ways: