Ministry of Housing: Ministerial Decision 72/2019 Issuing the Executive Regulation of the System of Escrow Account for Real Estate Development Projects

Arabic

Based on the Land Law promulgated by Royal Decree 5/80,

the System for Apartments and Floors Ownership promulgated by Royal Decree 48/89,

the Real Estate Register System promulgated by Royal Decree 2/98,

the Banking Law promulgated by Royal Decree 114/2000,

the System for the Ownership of Real Estate in Integrated Tourism Complexes promulgated by Royal Decree 12/2006,

and the System of Escrow Account for Real Estate Development Projects promulgated by Royal Decree 30/2018,

and in pursuance of public interest,

it is hereby decided

Article I

The provisions of the attached Executive Regulation of the System of Escrow Account for Real Estate Development Projects shall apply.

Article II

All that is contrary to the attached regulation, or in conflict with its provisions, is hereby repealed.

Article III

This decision shall be published in the Official Gazette, and comes into force on the day following the date of its publication.

Issued on: 18 Dhu Al-Qa'dah 1440
Corresponding to: 21 July 2019

Saif bin Mohammed bin Saif Al-Shabibi
Minister of Housing

Published in Official Gazette 1303 issued on 28 July 2019.