- “Streamlining Rent Payments: Electronic Receipts Phased Out in Decision to Enhance Efficiency”
Saudi Arabia Mandates Exclusive Digital Channels for Residential Rent Payments
In a significant move to modernize and streamline rent payment processes, the Real Estate General Authority in Saudi Arabia has mandated that residential rent payments must now be conducted exclusively through digital channels. The designated digital payment methods are Mada or SADAD, using the biller number 153.
Under this new directive, the issuance of electronic vouchers for new residential contracts will gradually cease, as payments made through digital channels will be automatically settled, eliminating the traditional need for printed receipts.
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The transition, effective as of Monday, aligns with a Cabinet decision aimed at providing electronic payment services for rent contracts. Landlords and tenants are required to document their contracts on Ejar through a licensed real estate broker. Subsequently, digital payment channels can be utilized for rental transactions, with payments deposited into the landlord’s registered bank account within five working days.
The Real Estate General Authority emphasized that embracing digital payments brings various advantages, particularly in safeguarding the rights of both landlords and tenants involved in the rental contract. This move reflects Saudi Arabia’s commitment to advancing digital infrastructure and enhancing efficiency in real estate transactions.
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