The Ministry of Commerce and Investment has revealed that the total value of debt secured by the Commercial Mortgage Contracts, recorded in the Commercial Mortgage Register, amounted to more than SR 492 million over the past three months. This would enhance and help the commercial institutions to finance their economic transactions by taking advantage of the Commercial Mortgage System.
The Ministry would like to confirm that all businesses could benefit from the Unified Mortgage Register Service, which enables the registration of mortgage contracts for various types of movable funds, such as: vehicles, shares in companies, bank deposits and current accounts.
This service aims to promote and enhance the credit market in the Kingdom, as well as making the institutions and individuals avail of this service by mortgaging their commercial assets, besides enabling the owners to benefit from their asset value, in addition to preserving the rights of the contract parties through registering their relevant mortgages.
It is worth mentioning that the regulation of the Unified Mortgage Register was issued in mid-March 2019, and all commercial institutions and individual can avail of such service by having access to the Ministry's website e.mci.gov.sa, then they can click on the relevant page and register their mortgage contracts. Through this website, they can also apply for any modification, cancellation or objection, and issue the executive documents online.