As part of several reforms and development initiatives, Saudi is working on enhancing digitization and providing innovative tech solutions that facilitate services, simplify procedures and boost security.
Property e-conveyances have increased to nearly 79,000 transactions since the launch of the electronic justice services Najiz in March 2020, announced the Ministry of Justice (MoJ).
According to the ministry, The total value exceeds 11 billion Saudi riyals (around $2.9 billion).
The upper limit for the e-conveyance of the property has been raised from 3 million to 20 million riyals.
The service has been streamlined to enable electronic agreement on sale terms without a notary’s certification so that the operation can be completed in less than one hour.
It also enabled digital verification of bank accounts and payment of property transaction tax.
“In cooperation with the Saudi Central Bank, the ministry made it available through 17 local and international banks,” the Ministry said.
