Altanweer Real Estate Company

Established in 2009, the Altanweer Real Estate Company (AREC) is a limited liability company registered under Commercial Registration No. 1010272689, and was exclusively formed as Alinma’s real estate arm to generate profitability through acquisition and investment in real estate. The Company currently manages 22,000 clients in its portfolio.

Business activities

The core business activity of the Company has progressed in the areas of:

• Transferring deed titles in the name of the Company by way of mortgage.
• Holding and managing deeds whose title is transferred to the Company and other parties by way of guarantee. 
• Sale, purchase and transfer of real estate for financing and business purposes of Alinma Bank, for which the Company was established, including management and sale of properties of delinquent customers.
• Dividing, segmenting, sorting, merging and amending deeds as well as segmenting, sorting and merging real estate and residential/commercial units .

The Company represents Alinma Bank in the market for real estate business and steps into mitigate any risks arising from engaging with the real estate industry, without the Bank’s intervention where necessary. The Company supports the sustainable and scalable growth of the Bank’s real estate portfolio, and applies the standards of compliance with the Saudi Central Bank’s regulations and guidelines related to real estate accrued by the Bank.

Capital structure

The Company has nominal and paid up capital of SAR 100,000 with 98% ownership stake secured by Alinma Bank, and 2% owned by Alinma Investment Company.

Achievements

Over 65% of the Company’s manual leases were converted on to its digital platform during the reporting period. As the real estate arm of Alinma Bank, the Company also uploaded all of Alinma Bank’s leases to the Ejar Platform – the state-owned real estate platform launched by the Ministry of Housing.

Challenges

During the year under review, the Company’s business and service to customers was impacted by the suspension of services by municipalities on account of violations committed by clients, whose real estate is registered in the name of the Company as a finance guarantee. The subsidiary was also required to add its unified number (700) to all deeds registered in the name of the Company during the year, a challenge met with effective human resource management and powered by back-end efficiencies.