Convention on Cooperation with the General Board of Households

Wednesday-2020-11-11

The Bank for Social Development and the Public Reality Authority signed a convention today via videoconferencing, aimed at building a strategic relationship in support, financing and awareness of real estate activities in the Kingdom.

The Convention was signed by H.E. the Governor of the Public Reality Authority, Mr. Isam bin Hamad al-Mubarak, and the Executive Chairman of the Social Development Bank, Ibrahim bin Hamad al-Rashid.
The Convention aims to stimulate self-employment and contribute to the achievement of flexible work goals by creating opportunities for self-employed persons to increase their monthly earnings, as well as providing national staff with the opportunity to engage in real-estate activities through the application of the terms of the system of trade concession to the activities of the real estate sector, where the Bank provides funding to concessionaires with a value of up to 10 million rials, in accordance with a policy of financing for the trade concession product, and business owners.
It also works to improve the performance, rehabilitation and training of national staff in the real estate sector through the Land Institute, as well as to create new employment opportunities for national cadres in land concession establishments, to motivate entrepreneurs in the real estate sector to lead businesses and to obtain concessions for real estates approved under the Agency ' s real estate classification programme, to improve the working environment, and to rehabilitate projects owned by citizens in economically viable real estate areas.
The Convention is based on the principle of cooperation and integration for the achievement of national development goals, the achievement of the objectives of the National Transformation Programme and the Kingdom Vision 2030, and the role of the Bank for Social Development in providing financing products and non-financial services to the small and emerging enterprise group to create and rehabilitate projects owned by citizens in different areas of economic interest alike.