SAUDI ARABIA

Property e-conveyances reach SR3bn conducted by over 65K clients

May 03, 2021

RIYADH — Over 65,000 clients have carried out property e-conveyances totaling SR3 billion (around $800 million) since the launch of the service in February 2020, revealed the Saudi Ministry of Justice (MoJ).

“Available on the Najiz.sa portal, the service enables clients to sell and transfer title to property without having to visit any bank or notarial office,” the MoJ said.

In order to process the transaction, both parties need to declare that the provided information is accurate, subject to the statutory procedures.

The application is automatically canceled if it is not approved by the buyer within three days.

In cooperation with the Saudi Central Bank, the ministry has recently expanded the e-conveyance service to cover clients of Alinma, Al Rajhi and NCB banks. — SG


May 03, 2021
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