A rental program in Saudi Arabia revealed, today (Monday), that more than one million commercial lease contracts have been documented in the electronic network for rental services since its inception.
He pointed out that nearly 500,000 commercial lease contracts were documented during the past 12 months, pointing out that these numbers were achieved in light of the services and advantages provided by the “Ejar” network to beneficiaries of the commercial real estate rental sector.
The program stated that it seeks to accommodate the requirements of the commercial lease sector and its variables, and to register all commercial lease contracts of both standard and non-standardized types, in a way that preserves the rights of the parties, improves the efficiency of transactions in the real estate rental sector in the Kingdom, increases confidence in financial and contractual transactions, and facilitates procedures by providing multiple payment options. Payments, and various channels for payment.
The program indicated that the network offers a number of advantages for the commercial rental sector, including digital integration with entities in the government and private sectors, such as the ministries of justice, human resources and social development, trade, and investment, in addition to linking with the Baladi platform.
It is noteworthy that the commercial contract in “Ejar” provides a number of important advantages for the commercial real estate sector, such as a conditional contract, flexibility in drafting terms and obligations, granting greater powers to the tenant, and retroactive registration of commercial lease contracts.