Terms of Services

 

  1. GENERAL
    1. These terms and conditions (“Terms”) for the website AqarInvest.net (“Website”) regulate the terms and conditions of the use of applications and services of the Website, including rights and obligations related to the use of Website by any user of the Website (“User”)”. The Website is owned and operated by Aqar Invest (“Operator”).
    2. In addition to these Terms, the User is subject to the Website privacy rules available here https://www.AqarInvest.net/en/privacy-policy.
    3. By registering an account with the Website, the User confirms that it has duly examined these Terms in full, understands them, and agrees to these Terms and the Website privacy rules.

 

  1. USER REQUIREMENTS
    1. The User of the Website can only be a:
      1. natural person of at least 18 years old whose active legal capacity is not restricted;
      2. legal person, which is entered into its respective national registry.
      3. A legal person can register as a Website user only through its representative who is a natural person.

 

  1. USER IDENTIFICATION AND “KNOW YOUR CLIENT” RULES
    1. When registering as a User, the applicant enters their email address, selects a password, and submits other information and documents requested by the Website at Operator’s discretion. The User understands that this email will be used by the Operator as an official means of communication with the User and all notices by the Operator shall be sent to that email submitted upon registration.
    2. Each User must present to the Operator all necessary information, documents, and other evidence necessary for verification of their identity if requested. The Operator may request the User to submit an electronic copy of their identity document. The Operator may also ask for additional documents confirming the identity of the customer and documents proving the source of the funds transferred by the User to the Operator. If the User refuses to submit requested documents, the Operator has the right to terminate the User’s account in accordance with Section 15.2.
    3. The password chosen by the User is personal to that User and is only used to identify the User when the User logs onto the Website and makes transactions via the Website. The Operator may allow the User to access the Website via their accounts in social media sites like Google, LinkedIn, or Facebook.
    4. The User undertakes to keep their password confidential. It is presumed that the person logged in with the password has an authorization, arising from either law or contract, to make transactions in the name of the User. The Operator can restrict the User’s rights or refuse to follow the User’s instructions, inter alia, in case the Operator considers that there is a risk that an unauthorized third person possesses the User’s password.

 

  1. USER ACCOUNT
    1. Each User has a personal account on the Website with the aim to reflect the balance of funds that the User has transferred a deposit to the Operator’s payment account with the purpose of transactions made or to be made by the User (“Account”).
    2. Unless otherwise stated in these Terms, the User shall have the right to withdraw the positive balance reflected in the Account at any time and in any amount by submitting the respective request to the Website. The Operator shall transfer the money only to the same person who initially sent the money to the Operator in the name of the User.
    3. The Operator can, at its own discretion, impose restrictions or requirements to the allowed minimum or maximum amounts of funds held on the Account.

 

  1. REQUESTING FUNDING
    1. The Operator selects and approves projects which are eligible for funding. Funding via the Website may be applied exclusively for funding business activities, i.e. buying real estate.
    2. To request funding for a project, the Operator fills an application form on the Website (“Funding Request”).
    3. The Funding Request must contain the following data:
      1. The minimum amount of the funding target;
      2. The maximum amount of the funding target;
      3. the time period during which the Fund Request is effective, which is extendable; and
      4. the principal fund terms of the requested fund which include, among other things, the fund amount, currency.
    4. The Fund Request will be published on the Website to all Users. The Operator can allocate a risk category to the relevant Fund Request at its own discretion.
    5. The Fund Request terminates without financing obligation to the Users if the funding of the Fund Request does not reach at least the minimum amount of the funding target. (or if the offer term is extended, then beginning from the end of the extended offer term).

 

  1. CONFIRMATION OF TRANSACTIONS ON THE WEBSITE
    1. All the User’s activities performed on the Website after logging onto the Website shall be regarded as the User’s signature and/or acceptance in the meaning of applicable law. By giving a confirmation on the Website, the User expresses their irrevocable intention to be bound legally by the confirmed transaction or action.
    2. In cases specified by the Website, a User must confirm a transaction, agreement, or action connected with the use of the Website in a written or notarial form.

 

  1. PROCEDURE OF PAYMENT
    1. The procedure of payments provided for in this Section 7 applies to all transactions and actions made via Website,
    2. On the day when a User’s financial obligation becomes due (or in cases specified in the Terms, on the day when that financial obligation is committed to), the User must write a check or deposit the total amount that relates to the property that he agreed on previously.
    3. The Users may not perform the financial obligations they owe by way of set-off or by making withholdings or deductions from the amounts payable by it without the consent of the Operator given in a format that can be reproduced in writing.

 

  1. PAYMENT DEFAULTS AND OTHER BREACHES
    1. If the user couldn’t fulfill the remaining amount of the property share that he agreed initial to buy and paid its initial deposit against his proposed share, Then he will be blocked and will not be able to participate in any future opportunity through aqar Invest platform.

 

  1. NOTICES
    1. All notices related to and in connection with the Website concerning the User are delivered through the email provided by the User upon registration. This includes any notices with legal consequences.
    2. The Operator may, at their own discretion, send notices to the User also by post, using the contact information provided by the User upon registration or after the registration date.
    3. Notices delivered to or through the email are considered as received by the addressee within 2-5 working days after the sending of the relevant notice.

 

  1. AMENDMENTS TO THE TERMS
    1. The Operator may unilaterally amend these Terms and the relevant amendments take effect from the moment they are published on the Website.

 

  1. TRANSFER OF RIGHTS AND OBLIGATIONS
    1. The User may not assign or otherwise transfer the rights and obligations arising from these Terms or Investor Documents to a third person without the consent of the Operator.

 

  1. FEES AND COSTS
    1. The Users undertake to pay the following fees to the Operator:
  • Charge Investors for services & assets management fee: 1% (paid annually from rental income)
  • Charge for rented properties management: 6% (paid annually from rental income)
  • Charge investors Admin and legal fees: 2% from purchase land price (paid onetime
  1. Fees provided for in Section 12 do not include value added tax, which is added to the fees if required by law.
  2. The Operator can set off the fees, costs and/or losses to be paid or compensated to the Operator against the funds shown on the Account of the relevant User.

 

  1. LEGAL STATUS AND LIMITATIONS OF RESPONSIBILITY OF THE OPERATOR
    1. The services provided by the Operator does not include the following:
  2. guaranteeing or otherwise underwriting the availability or accessibility of funds to the Users, or ensuring the performance of the financial obligations of the User(s);
  3. providing investment or legal advice;
  • undertaking real-estate transactions or providing advice in respect of the same; or
  1. provision of payment services in the meaning of Payment Institutions and E-money Institutions.
    1. In addition to the referred above, the Operator performs merely an administrative function in the execution and performance of the fund Documents in order to facilitate the performance of the fund Documents and communication between Users. When collecting any amounts owed by the operator, Operator acts at its own discretion on the basis of what the Operator considers to be, and in the Operator’s experience is, in the best interests of the User.
    2. Among other things, the Operator are not liable for:
  1. performance of the User’s obligations;
  2. legal binding effect, scope, content, suitability and enforceability of contracts and other legal documents used in Website, including those used for the carrying out of transactions through Website;
  3. bugs or disruptions that occur in Website or amendments made in Website or the consequences of termination of the operation of Website;
  4. trueness and accuracy of any forecasts, including financial indicators and forecasts of any project, published in Website;
  5. circumstances that derive from or depend on the identity of a User;
  6. losses incurred as a result of the materialization of the risk referred to in Section 3.3 of these Terms;
  7. non-monetary damages, loss of profit or other indirect losses, or other damages caused because of its conduct other than intentional misconduct.
  8. The Operator may make any changes in the Website, including expand, change or remove its functions, at its own discretion at any time without asking permission of the Users or giving a prior notice. Among other things, the Operator may terminate the operation of the Website at its own discretion at any time.

 

  1. GENERAL OBLIGATIONS OF THE USERS
    1. The User must assess the suitability and risk of any relevant transaction, if necessary, use the help of advisers who are specialists in the relevant field.
    2. The User confirms that they understand the risks involved in using Website (including the possibility that they might not get back their investment or make the expected profit from it) and acts only at their own risk.
    3. The User bears all costs, fees, duties accompanying the use of Website.
    4. The User agrees and confirms that:
  2. any matters and other information it becomes aware of through, or in the course of, the use or access to Website, may be used by the User for the purposes of using Website services only and not for any other purposes;
  3. any information provided or to be provided to the Operator, another User or otherwise via Website is true and accurate; in delivering notices and in other communication via Website a User treats the addressees of the notices respectfully and politely.
  4. TERMINATION
    1. At the request of the User, the Operator terminates the User status of that User if they are not a party to any fund contract, the relevant User has no monetary claims against any other User in connection with the use of Website and the relevant User has performed all financial obligations incurred towards the Operator and any other user in connection with the use of Website.
    2. The Operator may, at its own discretion, terminate the User status or restrict the User rights at any time without justification by informing the relevant User by the procedure described in Section 13.
    3. When the User status is terminated, the Operator transfers the positive balance of the funds reflected on the Account of the User to that User’s payment account from which the User has previously transferred money to the Operator.
    4. Upon termination of activities of the Website or Operator:
  5. the Operator transfers each User their positive balance of funds reflected on the Account of the User;

 

  1. FINAL PROVISIONS
    1. Place of performance of the obligations arising from these Terms and fund Documents is KSA.
    2. These Terms and other circumstances, actions and transactions relating to the use of Website are governed by KSA law.
    3. Disputes between the Users or between the User and the Operator, will be resolved by way of negotiations. In case of failure of negotiations, such disputes are resolved in KSA courts.
    4. Information made available in the Website is not intended to be delivered to or used by persons in any jurisdiction in which it is not permitted or in which its permissibility is restricted by law or other regulations.
    5. Users may not to copy, download, save, reproduce, print or otherwise process, whether in part or in full, the content of the Website without the prior written consent of the Operator. Notwithstanding the foregoing, the User may print or save the Website content in the necessary extent if the User does so only for personal use and only to the extent reasonably necessary for the User to use the services of Website.
    6. The User refrains from using technical equipment, applications or solutions (including computer programs) the aim or function of which is an automated use, reading, collection, recording or other processing of the Website’s content or data recorded in it.
    7. The Website is available in multiple languages. In case of discrepancy between the texts, the Arabic text shall be deemed as correct.

 

  1. INTELLECTUAL PROPERTY
  • The Website may include at any given time text, graphics, images, logos, icons, sound clips, video clips and data compilations, and together with the Website’s page layout, underlying code and software, are referred to as “Content”.

 

  1. RELATIONSHIP TO OTHER AGREEMENTS
  • In addition to these Terms of Service, our Privacy Policy applies to you and everyone else who uses the Website. Both the Terms of Service and Privacy Policy are together referred to as the “Website Agreements”.
  • There are a number of other documents that you may choose to be bound by during the course of your use of the Website. For example, if you wish to invest in a property on the Website you will need to agree a set of investment documents that include: (i) Investor Terms and Conditions, (iv) Management Agreement. We refer to these documents as the “Investment Agreements”. The Investment Agreements set out the terms that govern your investment in a property on the Website and your relationship with us, and our affiliates, when you invest in a property on our Website. These Terms of Service however govern your technical use of the Website.
  • The Website Agreements will continue to apply to you even after you have agreed to the Investment Agreements. If there is a conflict between the Investment Agreements that you have agreed to and the Website Agreements, the Investment Agreements will take precedence.

 

  1. DISCLAIMERS
    • Except as explicitly stated in the Investment Agreements, you need to be aware that:
    • We make no guarantee of any specific results from entering into an investment in a property on the Website including any net income and/or the capital return realized.
    • The investments on this Website may not be suitable for all investors and if you are in any doubt as to the suitability of the investments, you should seek independent financial advice.
    • No part of this Website is intended to constitute investment or VAT advice, and it is your responsibility to ensure that you have undertaken all the necessary due diligence prior to making an investment.
    • The Website is provided “as is” and on an “as available” basis, and we give no warranty that it will be free of defects and/or faults.
    • We make no warranty or representation (express or implied) that the Website will meet your requirements, that it will be of satisfactory quality, that it will be fit for a particular purpose, that it will not infringe the rights of third parties, that it will be compatible with all systems, that it will be secure or that all information provided will be accurate.
    • We accept no liability for any direct or indirect loss or damage, foreseeable or otherwise, including any indirect, consequential, special or exemplary damages arising from your use of the Website or any information contained in it, to the maximum extent permitted by law.
    • You use the Website and its Content at your own risk.
    • We accept no liability for any disruption or non-availability of the Website resulting from external causes including, but not limited to, communications network failure, power failure, host equipment failure, ISP (internet service provider) equipment failure, natural events, acts of war, or legal restrictions and censorship.