The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud presided over the session of the Council of Ministers held on Monday afternoon at Al-Yamamah Palace in Riyadh, where the Council took several decisions as follows:

The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud.

After reviewing the report submitted by the Minister of Economy and Planning regarding the minutes of the meeting of the committee formed to study funding opportunities for the Public Authority for Small and Medium Enterprises, the Cabinet decided to deduct for the Public Authority for Small and Medium Enterprises a percentage (25%) from the share of the Job Creation and Unemployment Control Authority from its current and future accrued revenues from the Human Resources Fund. (equivalent to (5 %) of the Fund's income), as well as another (5 %) of the Fund's revenues on a quarterly basis without prejudice to the Fund's obligations according to its organization, so that the total amounts allocated to the Public Authority for Small and Medium Enterprises are within (10 %) of the Fund's revenues.

After reviewing what was submitted by the Minister of Housing, and after reviewing the recommendation of the Standing Committee of the Council of Economic Affairs and Development No. (2-5/38/D) dated 1/19/1438 AH, and after reviewing the Royal Decree No. (5390) dated 30/1/1438H, the Cabinet decided to approve a number of amendments to Articles (I, III, IV, VI, VII, XII, XII, XIV, XV and XIX) of the Housing Support Regulation issued by Cabinet Decision No. (82) dated 5/3/1435 AH, as detailed in the decision, and among the amendments are:

1 - Amending the definition of housing support in Article (I) to be as follows: Housing support : What the state provides in terms of a housing unit, residential land, financing, credit, or other forms of support.

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2 - Amend Article (III) to read as follows: The Ministry shall be responsible for implementing this regulation and may coordinate with the Fund and other public, private or civil sector entities to perform any task related thereto.

2 - Amend Article (III) to read as follows.

3 - Amending paragraph (1) of Article (Fourteenth) to read as follows: The financial installment for housing support shall be collected in accordance with the mechanism determined by the regulation, in a manner that does not violate the applicable regulations and instructions, especially in relation to the specific rates of deduction.

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4 - Amend Article (Fifteenth) to read as follows: The total financial installments for housing support shall be determined based on the location and area, and the regulations shall specify the special provisions thereof.

5 - Amend Article (Nineteenth) to read as follows: With the exception of the provision of Article (18) of this regulation, the Ministry may create the following:

1. Programs to provide housing support in coordination with public, private or civil sector entities, and what may be required to transfer the ownership of residential lands to these entities, to build housing on them for housing support beneficiaries.

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2 - Programs to accelerate the payment of financial installments in coordination with the private sector, and the transfer of ownership of the housing unit or land to the beneficiary to provide financing for payment or construction, and the regulation specifies the procedures for the programs stipulated in this article and how they operate.

2 - Programs to accelerate payment of financial installments in coordination with the private sector

Tenth:

After reviewing what was submitted by the Minister of Housing regarding the implementation of a real estate financing product called (Easy Mortgage), the Cabinet approved a number of measures, including the following:

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Tenth

1. The Ministry of Housing, in coordination with the Ministry of Finance and the Saudi Arabian Monetary Agency, shall implement a mortgage financing program for the beneficiaries of the programs of the Ministry of Housing, in accordance with the provisions of the Real Estate Finance Law, especially the provisions of Article (3) of the Law that the financier's practice of real estate financing shall not contradict the provisions of Islamic Sharia.

2 - The Ministry of Finance guarantees up to (15%) of the value of the financed property for beneficiaries of the Ministry of Housing programs in the form of a deposit with the real estate financier, and the guarantee continues until the balance of the existing financing amount reaches (70%) of the value of the financed property at the time of grant.

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3 - The use of the deposit amount is limited to the down payment guarantee only, and may only be used if the beneficiary defaults and the amount obtained from the sale of the mortgaged dwelling is insufficient.

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4 - The Ministry of Housing and the Real Estate Development Fund shall submit a quarterly plan to the Ministry of Finance and the Saudi Arabian Monetary Agency explaining the quarterly future projections for the beneficiaries of the program.

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5 - The Ministry of Housing - in coordination with the Saudi Arabian Monetary Agency - shall take the necessary measures to use the profits of the deposit to reduce the cost of financing for the beneficiary.

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6 - The duration of the program shall be one year from the date of its launch, and the Ministry of Housing shall evaluate this program and submit a report on it - three months before the end of its duration - that includes the results of the application and the positives and negatives resulting from it, and recommend a request to continue or stop its application, and propose what it deems appropriate.

6 - The duration of the program shall be one year from the date of its launch.

Eleventh:

Eleventh:

After reviewing what was submitted by His Excellency the Minister of Housing, the Cabinet decided to approve the mechanism of procedures for disbursing the dues of real estate developers as attached to the decision.

Twelfth :

The Cabinet decided to amend the name of "Saudi Credit and Savings Bank" to "Social Development Bank", and to amend Articles (IV), (VII), (VIII), (IX), (X) and (XI) of the Saudi Credit and Savings Bank Law - issued by Royal Decree No. (M/34) dated 1/6/1427H - to be as stated in the decision