RIYADH — The Saudi Ministry of Justice revealed a significant increase in real estate sukuk update activity submitted through the Ministry›s portal. The increase has been estimated to reach 76% since the launch of the service about 4 months ago in comparison to more than 30,000 update requests in 1439AH, according to the Ministry’s statistics.
Recent figures show that the average number of completed sukuk updates has exceeded 23,000 annually in the major cities of Riyadh, Jeddah, Dammam and Makkah, and are expected to reach 46,000 requests by the end of the year.
The Ministry described this increase in the number of real estate sukuk update requests submitted through the Ministry›s portal as a qualitative leap forward, noting that this service previously done manually, where beneficiaries attended the Notary Public to submit all required documents in person, and attended again later to receive their updated sukuk.
Moreover, justice system reforms have contributed toward accelerating the process of registering real estate property, which now requires only 60 minutes for the updated electronic sukuk. These reforms with the support of Tayseer committee, aim to improve the business environment and contribute toward economic development in Saudi Arabia.
Tayseer Executive Committee, chaired by the Minister of Commerce and Investment Dr. Majid bin Abdullah Al Qasabi, is working on more than 300 initiatives to improve the Kingdom’s global competitiveness rankings and improve the business performance in the private sector. — SG