Business & Money | Saturday 28 April, 2018 12:28 pm |

The Ministry of Commerce and Investment issued the executive regulation of the commercial mortgage law, pursuant to Article (45) of the law issued by Royal Decree No. (M/86) dated April 24, 2018, which states that "the minister shall issue the regulations within (60) days of date of publication of the law, in the Official Gazette".

These regulations were prepared in coordination with the Ministry of Justice, the Saudi Arabian Monetary Authority (SAMA) and the Capital Market Authority (CMA), following a study on best practices.

The ministry explained that the regulation includes executive provisions of the articles of the law, the most prominent of which are the provisions for the transfer and execution of the possession of mortgaged property, foreclosure contracts which cease applying the transfer of possession, the current and investment accounts, deposits and the direct execution procedures.