The Riyadh Housing Cooperative Society announced the first of its first projects in the field of housing ”One Housing”, which aims to build 45 housing units in the north of Riyadh at a total estimated cost of 20,250,000 riyals.

<This came at the consultative meeting of the association held last Wednesday evening at the Riyadh Chamber of Commerce, under the chairmanship of Dr. Abdullah bin Jalawi Al-Shaddadi, Chairman of the Board of Directors, in the presence of Dr. Mohammed bin Saud Al-Qahtani, Vice Chairman, Dr. Suleiman Al-Tufail, Investment Manager, Dr. Saad Al-Shamrani, Chairman of the Resources Committee, and Mr. Saleh bin Nasser Al-Andes, Treasurer, at the beginning of the meeting, the Chairman welcomed the attendees and participants, appreciating their response to the invitation and their interest in the association which is considered the property of all shareholders, and Dr. Al-Shaddadi touched upon the importance of the work. Dr. Abdullah Al-Shaddadi touched on the importance of cooperative work, especially in the field of housing, the issue of which remains an obsession for many young people, and regretted the lack of cooperative societies in the Kingdom (four associations) only, referring to the number of them in countries similar to the Kingdom's conditions, which amounts to thousands of associations.

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The philosophy and vision of the association

<On the philosophy of the association, Al-Shaddadi explained that the association is based on the principle of achieving economic and social development by providing housing, and that the association has a complete administrative and organizational structure and is under the supervision of the Ministry of Social Affairs, and there are specific and binding financial controls that the association operates under the umbrella of the ministry, which contributes 50% of the cost of projects, so the association is considered an encouragement and incentive for cooperative work, and to crown the association's serious efforts it was granted a plot of land with an area of 1500 meters in northern Riyadh to establish its offices on it, and Al-Shaddadi indicated their request to the relevant authorities to grant them a land of 50. 000 square meters for the association's projects, in addition to a plot of land with an area of 50.He expressed his great optimism for the success of the association's projects and ideas.

The ”One Housing” project

For his part, Dr. Sulaiman Al-Tufail gave a detailed explanation of the "One Housing" project and the association's shares, where he explained that the value of one share is 10 riyals and the minimum value for a shareholder to enter 1000 shares worth 10,000 riyals, and the association set a maximum ceiling for shareholders in the project of one million riyals to prevent monopoly, and Sulaiman said that the project was planned and arranged according to realistic studies and accurate calculations to be an investment in cooperative formulas that generate profits for shareholders and provide them, the market and shareholders with housing of high specifications.

Diverse sources of income for the association

The Director of Investment pointed out the diversity of income sources and resources, which is represented in the shares of participants, the Ministry of Social Affairs, banks, good loans and donations, in addition to the contribution of the cooperating parties with the association such as contractors, suppliers and engineers with estimated percentages of the costs as shares in the project, which means reducing the cost significantly, and Sulaiman alluded to the coordination that took place between the association and the Ministry of Commerce represented in the committee for sale on the map, and the association can start selling its products before, during or after the completion of construction according to the agreement and coordination with the competent authorities.

At the end of the meeting, the opportunity was opened to answer the questions and inquiries of the attendees, which were answered by the Board of Directors with transparency and compassion, and then the opportunity to purchase shares.

At the end of the meeting, the opportunity was opened to answer the questions and inquiries of the attendees.