Altanweer Real Estate Company
Altanweer Real Estate Company (limited liability) has been established and is reflected in the Commercial Register No. (1010272689), dated 24/08/1430.
Business activities
The key business activities of the company are geared towards,
- Controlling and managing assets, the title of which will be transferred to the Bank and other parties as collateral.
- Selling, purchasing and transferring titles of properties for finance purposes.
The company is the last step in the Ijara finance operations and through which the title of the deed is transferred from the customer to the company as well as keeping, managing and selling the deed or return it back to the customer. Another aspect of its responsibilities is the management and sale of properties of delinquent customers.
Capital structure
The company has nominal and paid up capital of SAR 100 thousand.
Challenges
Suspending the company’s services with municipalities due to violations committed by customers whose real estate is registered in the name of the company as a finance guarantee, which affects both the company’s business and the services of other customers.
Future plans
The company will continue to fulfil its responsibilities in the most efficient manner as evidenced by the current year’s activities.