Regulations for 3 of five new Saudi mortgage laws issued

Saudi Arabia issued final regulations on real estate financing, leasing and supervision of financial companies. The regulations outlining three of the five laws were posted Sunday on the website of the Saudi Arabian Monetary Agency. Rules on the enforcement of foreclosures and mortgage registrations have yet to be completed. The package goes into effect when regulations for the two remaining laws are finished and once the final version of the legislation are publicized in the official newspaper, which should be in the next few weeks. The regulations bar mortgage lenders from providing loans for other purposes and prohibit home-financing providers from developing property.