Law of Collective Real Estate Investment Schemes

Without prejudice to the provisions of Article 35 of this Law, any person who violates any of the provisions of this Law or the Regulations shall be subject to one or more of the following penalties: 1. Warning. 2. Suspension of the license for a period not exceeding one year. 3. Cancelation of the license. 4. A fine not exceeding ten million (10,000,000) riyals. 5. Barring the licensee or the manager of the collective real estate investment scheme from performing any activities related to collective real estate investment schemes for a period not exceeding ten (10) years. The Board shall issue a table containing a classification of the violations and the penalties prescribed therefor in accordance with the provisions of this Article.