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The number of commercial lease contracts documented through the rental services e-network “Ejar” exceeded 500,000 in various Saudi cities and regions, said Abdulrahman Al-Tawil, Deputy Minister for Real Estate Development, at the Ministry of Municipal and Rural Affairs and Housing.
He added that these numbers came as a result of the strong demand from institutions and companies for documenting commercial lease contracts, as well as the trust of the lease parties in the e-network, according to Saudi Press Agency.
Earlier, Ejar announced documenting more than three million residential and commercial lease contracts since the launch of the program.
The e-network registers commercial lease contracts, with the aim of preserving the rights of parties and improving the real estate lease sector in the Kingdom. This, accordingly, contributes to boosting confidence in the financial and contractual transactions, as well as facilitating the contractual operations through advanced electronic procedures, Al-Tawil said.
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