Article 14 of the Saudi Real Estate Finance Law

This article deals with the Implementing Regulations of the Real Estate Finance Law, and the meaning of the parties involved is found in Article 1:

• The preparing body: "The Agency", which is the Saudi Arabian Monetary Agency.
• The means of issuance: A decision of "the Minister", who is the Minister of Finance.
• The period: Within 90 days of the date the law is issued.
• When it takes effect: After the law comes into force.

The Implementing Regulations are the reference for the details the law refers to them, so these details cannot be known from the text of the law alone. Before this article comes Article 13, under which the competent court decides disputes over real estate finance contracts and imposes the penalty on anyone proven to have delayed paying their debt.

Note the difference between the dates: the period for preparing and issuing the Implementing Regulations is counted from the date the law is issued, while the law itself, under Article 15, comes into force 90 days after the date of its publication in the Official Gazette. The Implementing Regulations take effect only after the law comes into force.

To find out what detailed provisions the Implementing Regulations contain on your contract, refer to their approved text or consult a lawyer specializing in banking and real estate finance.