Securing appropriate housing has become an issue where all parties work to complement each other's efforts, starting with the Ministry of Housing, through the Real Estate Fund, and ending with real estate development companies, and these parties are like nodes that must be connected to each other.
Here we can introduce an important party to the housing system, namely housing cooperatives.
Here we can include an important party in the housing system, namely cooperative housing associations, because of their effectiveness and economic feasibility and achieving their desired goals, which is to provide housing for the largest segment of citizens at competitive and low prices. This will only come about by encouraging the establishment of housing cooperative societies in direct coordination between the Ministries of Social Affairs, as responsible for cooperative work, and the Ministry of Housing, as responsible for housing. With this system, housing associations can attract a very large number of shareholders who will form a major source of resources for the association, in addition to the multiple resources with which the associations bring in funds.
Housing cooperatives in particular have advantages that put them on solid ground: They are under the direct supervision of the Ministry of Social Affairs and enjoy a tight financial system and controls that preserve the shareholders" capital, and the Ministry not only supervises but also supports the association's projects with half the value of the project cost (50%), as well as investing for the benefit of shareholders in the field of housing construction, which is one of the most successful investments due to the endless supply of demand.
Cooperative housing associations provide a great opportunity for financiers because they make a short-term investment in a developmental goal and serve a large segment of beneficiaries, which helps in the economic and social development of the individual contributor and the community. The associations can play an active and key role in becoming an original partner of the Ministry of Housing and the Real Estate Development Fund if they move away from the traditional in the management and organization of investment work, and spread the culture of cooperative work in society and know its advantages and take advantage of its strengths, it is not reasonable that there are only four cooperative housing associations in the Kingdom?"
Editor-in-Chief
