This agreement comes in the presence of H.E. Majid bin Abdullah Al Haqeel. <This agreement, which was signed by the General Supervisor of Cooperative and Affordable Housing at the Ministry of Housing, Abdullah bin Mohsen Al-Nimri, and Riyadh Chamber of Commerce Board Member and Chairman of the Endowments Committee, Abdullah bin Fahad Al-Ajlan, in the presence of the Chairman of the Board of Directors of the Riyadh Chamber of Commerce, Engineer Ahmed bin Sulaiman Al Rajhi, comes within the Ministry's strategic objectives in supporting supply and enabling demand, facilitating citizens' access to adequate housing, serving all segments of society, and seeking to achieve the provisions of Saudi Vision 2030 regarding creating the necessary environment for the non-profit sector and enabling it to increase its contribution to GDP in a non-profitable way. The memorandum stipulated the agreement between the Ministry of Housing and the Endowments Committee of the Riyadh Chamber to study the establishment of an independent endowment fund for affordable housing in the Kingdom of Saudi Arabia, in addition to holding workshops, seminars and meetings to raise awareness of the endowment on charitable housing and its religious, social and developmental impact.
This memorandum stipulated the agreement between the Ministry of Housing and the Endowments Committee of the Riyadh Chamber. <The memorandum also included granting the Cooperative and Affordable Housing Initiative an independent pavilion at endowment conferences and forums organized by the Endowments Committee, in addition to bridging the relationship between the Chamber of Commerce and the Ministry of Housing to invest and operate opportunities qualified by the Cooperative and Affordable Housing Initiatives. <The General Supervisor of Cooperative and Affordable Housing Abdullah bin Mohsen Al-Nimri pointed out that this joint agreement between the Ministry and the Endowments Committee of the Riyadh Chamber comes within the framework of the Ministry's endeavor to sustain the financial resources of the cooperative and affordable housing initiative, especially since the endowment in our Islamic heritage has a precedent in housing special categories, and the agreement also aims to spread the culture of housing endowment and raise awareness of it as an area required by development within the direction of modern endowments, and guide the endowment holders in drafting their deeds to include the endowment on affordable housing in the Kingdom, Al-Nimri explained that this initiative is not alone among initiatives aimed at sustainability of the endowment For his part, Abdullah Al-Ajlan, member of the Board of Directors of the Chamber of Commerce, Chairman of the Endowments Committee, stressed that the signing of the agreement is an important step to implement the directions of the Kingdom's Vision 2030 and harness the capabilities of the Chamber to contribute effectively to its success through coordination and cooperation with all parties, in addition to that the agreement will enable the non-profit sector to play its role in the field of housing for families of social security beneficiaries through cooperation with the Ministry of Housing, explaining that under the agreement the efforts of both parties in the housing field will be unified and coordinated according to a unified vision and objectives and work to spread the culture of endowment in housing.
Al-Nimri explained that this initiative is only one of the initiatives aimed at sustaining the housing.
