What Is The Key Concept Of Timeshare, Which Is Licensed By Scta?

1.	What Is The Key Concept Of Timeshare, Which Is Licensed By Scta?
Answer» SCTA was assigned to study Timeshare in tourism real estate. Accordingly, SCTA has prepared a bill for which it sought help from a number of international and national consultants and specialists who conducted comparative studies for best international experiments in the field of Timeshare regulations. After the bill was widely discussed by the legislative bodies, in particular the "Majlis Al Shura" and the "Council of Ministries", it has been APPROVED finally through a Royal Decree No. 52/m, dated 13TH September, 2006. The Royal Decree approved Timeshare in accommodation sector after HRH Prince Sultan bin Salman bin Abdul Aziz, President of SCTA had approved the executive regulation of the system on 12th May, 2005, whereby Timeshare is currently licensed. SCTA has met all REQUIREMENTS of Timeshare regulation to ensure its best execution, including building electronic systems, providing human and TECHNICAL requirements that are necessary for its application. Timeshare concept is buying the right of benefiting from an apartment in tourism accommodation facilities for a specific period of time around the year, not less than three years, due to an agreed contract in return of an agreed amount. Timeshare system allows large revival for capital in the tourism sector.

Answer»

SCTA was assigned to study Timeshare in tourism real estate. Accordingly, SCTA has prepared a bill for which it sought help from a number of international and national consultants and specialists who conducted comparative studies for best international experiments in the field of Timeshare regulations.
After the bill was widely discussed by the legislative bodies, in particular the "Majlis Al Shura" and the "Council of Ministries", it has been APPROVED finally through a Royal Decree No. 52/m, dated 13TH September, 2006. The Royal Decree approved Timeshare in accommodation sector after HRH Prince Sultan bin Salman bin Abdul Aziz, President of SCTA had approved the executive regulation of the system on 12th May, 2005, whereby Timeshare is currently licensed.
SCTA has met all REQUIREMENTS of Timeshare regulation to ensure its best execution, including building electronic systems, providing human and TECHNICAL requirements that are necessary for its application.
Timeshare concept is buying the right of benefiting from an apartment in tourism accommodation facilities for a specific period of time around the year, not less than three years, due to an agreed contract in return of an agreed amount. Timeshare system allows large revival for capital in the tourism sector.

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