Terms & conditions

1Part One: General provisions applying to all real estate opportunities — Introduction and scope

• Muder ("the Platform") is an electronic platform owned and operated by Ghanem First Information Technology ("the Company"), a Saudi simplified joint-stock closed company, CR no. (1009203129), unified no. (7049166916), dated 26/02/2025, headquartered in Riyadh, at muder.sa.
• The Platform is licensed by the Real Estate General Authority for real estate brokerage under licence no. (1200035496) and for property management under licence no. (2200005179).
• "Platform" refers to the electronic platform and its channels; "Company" refers to the legal entity that owns and operates it and bears the rights and obligations herein.
• These terms govern the contractual relationship between the Company and the user. Please read them carefully before using or registering; using the Platform constitutes acceptance.
• If you do not agree with any of these terms, please do not use the Platform.
• 1.1 Order of precedence: Part One applies to all users and opportunities; Part Two applies specifically to the usufruct product and supplements Part One; in case of conflict: (first) the approved opportunity document, then (second) Part Two for the usufruct product, then (third) Parts One and Three. Defined terms in clause (2) carry the same meaning throughout.

2Definitions

The following terms have the meanings set out beside them wherever they appear in this document, unless the context requires otherwise:

3Services provided

The Platform provides real estate brokerage services including:

• 3.1 Presenting real estate opportunities studied and evaluated by the Company.
• 3.2 Innovative and diverse purchase solutions suited to different user needs and capacities.
• 3.3 Portfolio management tools to manage and track the user's real estate operations.
• 3.4 Managing and distributing periodic returns to users pro rata.
• 3.5 Managing liquidation, early exit or assignment according to the mechanism suited to each product.
• 3.6 Support services including periodic reports and real estate advice.

4Terms of use and eligibility

• 4.1 Terms of use: the user shall use the Platform only for lawful purposes in line with these terms and Saudi law; shall not disrupt or damage the Platform; shall not use it for unlawful, fraudulent or harmful activity; shall not impersonate any person or entity; shall not collect other users' personal data unlawfully; and a user in breach may not claim compensation and bears any damage.
• 4.2 Eligibility — natural persons: 18 years or older, full legal capacity, eligible to own or lease property under Saudi law and each opportunity's terms (some opportunities may be restricted to Saudis or premium residency holders); non-Saudis follow the Non-Saudi Property Ownership regulations.
• 4.2 Eligibility — legal persons: legally registered in Saudi Arabia or permitted to own, lease or rent property there, and represented by a legally authorised person.

5Registration and account creation

• 5.1 Users must create an account with accurate, correct information (e.g. full name, national ID/iqama, address, email, phone). The Company may request additional documents for KYC and AML compliance.
• 5.2 Users are responsible for keeping credentials confidential, reporting any unauthorised use immediately, all activity on their account, keeping data updated, and not creating multiple accounts to circumvent Platform limits.
• 5.3 The Company may suspend, cancel, restrict or block an account to protect the Platform or other users — for inaccurate information, breach of these terms or related contracts, unlawful or defamatory use, regulatory or judicial request, prolonged inactivity, or any other necessary reason — and will notify the user in advance for inactivity or within a reasonable time otherwise, without prejudice to financial rights acquired before that date.

6Real estate opportunities and subscription

• 6.1 The Platform presents diverse opportunities that the Company studies and evaluates (valuation, legal title review, financial and economic studies) before listing, with detailed information on nature, expected returns and risks. The Company does not guarantee any returns. Subscribers may not compel the Company to act, contact end tenants, or obstruct any sale or property action; votes are decided by majority under the Authority's framework. Shares may be sold or assigned only through Muder's approved channels.
• 6.2 Subscription follows each opportunity's structure. The general minimum is SAR 1,000, subject to the opportunity and regulatory guidance. Subscriptions are final and non-refundable once payment is confirmed (subject to clause 19). Amounts are transferred to the opportunity's dedicated bank account; rights and obligations are governed by each opportunity document.
• 6.3 The Company prepares an opportunity document for every listing, covering details, subscription mechanism, rights, obligations, fees, risks, term and liquidation; users must read it carefully before subscribing.

7Returns, opportunity management and liquidation

• 7.1 Periodic returns are distributed pro rata per the opportunity document, transferred to the user's registered bank account, and subject to applicable taxes, fees and payment-service charges.
• 7.2 The user authorises the Company to take all property decisions (sale, exit, appointing a property manager, maintenance) and to act as primary property manager — including appointing another manager, reporting, distributing returns, voting, deducting operating fees, paying service providers, activating Ejar, creating and amending leases, collecting rent and paying government fees. The Company earns annual management or brokerage fees as a percentage of income, detailed in the opportunity document.
• 7.3 Term and liquidation mechanism are set in the opportunity document; liquidation proceeds are distributed after fees; the Company may extend the term where in subscribers' interest. Early exit is subject to the opportunity document and Authority guidance; where exit channels are available, the user pays registry fees, tax and the Company's brokerage fee of (2.5%), appointing the Company as exclusive broker.

8Fees and payments

• 8.1 Fee types may include: subscription fees; brokerage/platform fees; annual property management fees (maintenance, Ejar, owners' association, property and facility manager); real estate registry fees; real estate transaction tax; annual administrative fees; liquidation/exit fees; early-exit fees; and assignment fees.
• 8.2 Fee amounts are set in each opportunity document (usufruct rates in clause 17). The Company may amend fees with 30 days' notice, not affecting existing subscriptions. Operating fees apply to deposits and withdrawals not used for a subscription. Subscribers bear extraordinary expenses pro rata; the Company bears administrative expenses.
• 8.3 Payment by bank card or transfer, in Saudi riyals. Users bear all transfer and payment charges. Failed payments may be cancelled. The Company may change payment methods via the Platform. The Company pays registry fees, transaction tax and the share value on the user's behalf from the amounts paid, with all operations documented. Payments by unapproved means are at the user's sole risk.

9Zakat and taxes

• 9.1 The user is solely responsible for calculating and paying zakat on all assets, including shares and returns.
• 9.2 Users bear VAT on Platform services and fees, which the Company collects and remits to ZATCA.
• 9.3 Users bear any income, capital-gains or other taxes applicable to them, including foreign investors subject to income tax.
• 9.4 Users must register with tax authorities where required, file returns on time, pay dues and keep records.
• 9.5 The Company issues required tax invoices and provides related reports on request, cooperating with authorities.
• 9.6 The Company provides no zakat or tax advice and bears no liability for the user's errors; professional advice is recommended.

10Risks and disclosures

The user acknowledges awareness of the risks associated with real estate and all opportunity types on the Platform, including the usufruct product, such as:

• Market risk (price and rent fluctuations); liquidity risk (difficulty liquidating before term, early exit may be hard or below value); occupancy risk; tenant default risk; original-owner breach risk; operational and maintenance risks; economic, political and regulatory risks; legal, legislative and tax changes; financing and leverage risk; expropriation risk; force majeure; and conflict-of-interest risk.
• 10.2 Disclaimer: no returns are guaranteed; past performance is not indicative; the Company is not liable for losses except from its gross negligence or wilful misconduct; the user acknowledges and accepts the risks and is solely responsible for the subscription decision.
• 10.3 Disclosures: the Company discloses all material information and any conflicts of interest; users must read the opportunity document before subscribing.

11Intellectual property

• 11.1 All IP relating to the Platform (copyright, trademarks, logos, designs, text, images, these terms and product structure) is owned by or licensed to the Company.
• 11.2 No copying, modification, distribution or republication without prior written permission.
• 11.3 Users receive a limited, non-exclusive, non-transferable licence for personal, non-commercial use.
• 11.4 Users grant the Company a non-exclusive, irrevocable licence to use any content they submit.
• 11.5 The Company may use customer feedback in marketing, with personal data concealed.

12Liability and indemnity

• 12.1 The Company is licensed by the Authority (FAL) for brokerage and marketing; it connects users with property owners and opportunity providers and is not an investment or financial firm. It gives no warranties on information accuracy or returns; is not liable for acts of owners, tenants, service providers or third parties (its role is documenting the lease with the end tenant via Ejar, not guaranteeing the tenant's solvency); is not liable for opportunity risks, indirect or consequential damages, service interruptions, or users' subscription decisions or payment errors. Except for gross negligence or wilful misconduct, maximum liability is limited to fees paid by the user in the preceding twelve months.
• 12.2 The user indemnifies the Company, its officers, directors, employees and agents against claims, losses and damages (including legal fees) arising from breach of these terms, unauthorised use, infringement of third-party rights, or violation of laws or IP rights.

13User representations and undertakings

• 13.1 Capacity: the user has full legal capacity and authority, sufficient financial ability, and has not previously been barred or suspended.
• 13.2 Data: all information provided is accurate and current; the user has read and accepted these terms and the privacy policy.
• 13.3 Risk: the user fully understands the risks, decides on their own responsibility without reliance on the Company as adviser, and bears all financial losses.
• 13.4 Electronic consent: clicking "Agree" or "Subscribe" constitutes express acceptance; electronic transactions are valid and binding with the force of a written signature under the Electronic Transactions Law.
• 13.5 Representation and communication: the user may not represent or bind the Company; shall not contact owners, end tenants or other parties directly or interfere in their contracts; appoints the Company as exclusive broker for all deeds, shares or properties acquired via the Platform; and keeps Platform information confidential.

14Part Two: Provisions specific to the usufruct product — Scope and product description

• 14.1 This Part applies only to the usufruct product and supplements Part One, per the precedence in clause (1.1).
• 14.2 The product lets subscribers participate in a property's benefits for terms of (1–10) years; the Company acquires the full usufruct from the original owner on subscribers' behalf (in one payment or instalments per the opportunity document) and re-leases it annually to end tenants to achieve the expected return.
• 14.3 Subscribers hold undivided shares in the usufruct pro rata to their contribution.
• 14.4 The Company presents and evaluates opportunities, contracts with the original owner, manages leasing to end tenants, manages and maintains the property, collects rent and distributes rental income returns.

15Contracting mechanism and documenting subscribers' rights

• 15.1 The presentation and subscription mechanism in clauses (6.1) and (6.2) applies.
• 15.2 Once the required amount is raised, the Company completes contracting with the original owner.
• 15.3 Subscribers' rights are documented in a contract between the Company and the original owner naming subscribers and their undivided shares.
• 15.4 The Company manages and leases the property to end tenants during the term, documenting leases on Ejar.
• 15.5 The Company collects rent and distributes returns pro rata after fees, periodically (annually or semi-annually) per the opportunity document.

16Authorisation and Company obligations in the usufruct product

• 16.1 In addition to clause (7.2), the subscriber fully authorises the Company to manage and broker the relationship with the original owner; lease the property and represent subscribers with end tenants; deal with defaulting tenants at its discretion; take legal action to protect subscribers; and disburse maintenance and other expenses.
• 16.2 The Company shall exercise due care in managing the property, collect rent on time, maintain the property, distribute returns on schedule, and represent subscribers in disputes with end tenants.
• 16.3 The authorisation lasts for the usufruct term unless terminated earlier under clause (19).

17Usufruct product fees

The fee types in clause (8) apply; the Company's rates for this product, unless the opportunity document states otherwise, are:

• 17.1 Subscription fee: [5%] of the total subscription amount, paid once.
• 17.2 Annual platform, property and lease management fee: [2%] of total rent collected annually, deducted on distribution.
• 17.3 Performance incentive: if returns exceed the target in the opportunity document, the Company earns [__%] of the excess.
• 17.4 Early-exit arrangement fee: [2%] of the share value sold.
• 17.5 Assignment transfer fee: [1%] of the share value assigned.

18Usufruct term, expiry and exit

• 18.1 The opportunity ends automatically when the lease with the original owner ends, by expiry or any lawful cause, subject to subscribers' acquired rights. On expiry the subscriber has received full entitlement through distributed returns; the subscription amount represents the usufruct share, not a refundable loan or deposit — without prejudice to clause (19.3.3).
• 18.2 Early exit may be requested via the Platform, with the Company arranging sale of the share to a new subscriber; acceptance depends on a willing buyer; the Company may suspend or regulate early exits to protect subscribers or comply with regulation.
• 18.3 A subscriber may assign their share to another subscriber with the Company's prior written approval; the Company transfers the shares for the fee in clause (17.5), subject to clause (6.1.7).

19Breach and termination of authorisation

• 19.1 Company breach: gross negligence in managing the property; breach of clause (16.2); failure to distribute returns on time without lawful cause.
• 19.2 Subscriber breach: violating these terms; interfering with property management; contacting the original owner or end tenants directly without approval; any act harming other subscribers or obstructing work for the property.
• 19.3 Either party may terminate the authorisation by written notice after a [90]-day cure period. On termination the Company settles the subscriber's accounts within [90] days. The original owner may terminate the participation contract with (90) days' written notice, in which case subscribers receive (a) all returns due to the termination date, (b) refund of the subscription portion for the remaining term, and (c) the early-termination compensation set in the participation contract.

20Part Three: Final provisions — Notices, reports and confidentiality

• 20.1 Notices are sent to the email registered on the user's account or via Platform notification.
• 20.2 The Company provides subscribers periodic reports (annual, semi-annual or quarterly) on opportunity performance and leases, including revenues, expenses and net returns.
• 20.3 The Company keeps user information confidential and does not disclose it to third parties without consent, except as required by law or official requests, per the published privacy policy.

21Amendment of terms

• 21.1 The Company may amend these terms at any time.
• 21.2 Users are notified of material amendments at least 30 days before they take effect, by registered email or Platform notice.
• 21.3 Continued use after amendments take effect constitutes acceptance.
• 21.4 Users who disagree must stop using the Platform and close their account; existing rights and obligations in prior subscriptions remain governed by the terms in force at subscription.

22Governing law and dispute resolution

• 22.1 These terms are governed by and construed under the laws of Saudi Arabia.
• 22.2 The parties shall attempt to resolve any dispute amicably.
• 22.3 If not resolved within 30 days, the dispute is referred to the competent judicial authority in Saudi Arabia.

23General provisions

• 23.1 These terms (all three Parts, any amendments) and the relevant opportunity documents form the entire agreement, superseding prior versions including earlier general terms and usufruct-specific terms.
• 23.2 If any provision is invalid or unenforceable, the remainder stays in force.
• 23.3 Users may not assign rights or obligations without prior written consent.
• 23.4 Failure to exercise a right is not a waiver.
• 23.5 Provisions that by nature survive termination (IP, confidentiality, indemnity, limitation of liability) remain in effect.
• 23.6 This document is drafted in Arabic; in case of conflict with a translation, the Arabic prevails.

24Contact us

For inquiries or complaints about the Platform or these terms, contact us at:

By using the Platform you acknowledge that you have read, understood and agreed to all the terms and conditions above.

• Address: Riyadh, Al Yasmin district, King Abdulaziz Road 13326, Saudi Arabia.
• Email: support@muder.sa
• Phone: 920031882