Riyadh Housing Cooperative Society revealed that it named Prince Faisal bin Bandar, Governor of Riyadh Region, as its Honorary President, during a press conference held the day before yesterday evening at Al Azdhar Hotel in Riyadh, during which it revealed a number of its projects, plans and future programs.

The press conference held under the chairmanship of Dr. Abdullah bin Jalawi Al Shaddadi, Chairman of the Board of Directors and Chairman of the Executive Advisory Committee. The press conference, held under the chairmanship of Dr. Abdullah bin Jalawi Al-Shaddadi, Chairman of the Board of Directors and Chairman of the Executive Advisory Committee, reviewed the intensive efforts made by the Association in implementing its various programs in the field of providing housing units at the lowest cost through the project (Housing 1) and (Housing 2) and another project that the Association intends to establish in partnership with the Ministry of Housing and in which discussions and deliberations are held through joint committees between the two parties, Al-Shaddadi pointed out that there is communication with a number of state officials and competent authorities such as the Ministry of Social Affairs, Municipal and Rural Affairs and Cooperatives Council.

Non-profit association

Al-Shaddadi explained that the association is non-profit and is interested in establishing residential complexes in order to reduce the cost of owning a family home, providing housing at competitive prices, improving the quality and quality of construction of residential complexes at low costs, providing building materials and maintenance services for existing buildings, in addition to improving the social and economic status of members by achieving rewarding financial and social returns for them, emphasizing the values on which the association is based, which are transparency and clarity.

Support and supervision by the Ministry of Social Affairs

The president of the association stressed on the organization of the association, explaining that it 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 part of the cost of the projects, so the association is encouraging and stimulating cooperative work, expressing his great optimism for the success of the association's projects and ideas.

Al-Shaddad praised the association's success. <Al-Shaddadi praised the efforts of the Ministry of Social Affairs for the support and backing it provides to activate the activity of cooperative societies. He also praised the efforts of the Ministry of Housing for the efforts and support provided for housing products and institutions working in the field of housing, especially the Housing Cooperative Society.

Cooperative Investment

For his part, the director of investment in the association, Dr. Sulaiman Al-Tufail, revealed during the press conference about the association's projects in the field of housing, and narrated a detailed explanation of its projects, stressing that contributing to the association is available to everyone with a minimum of 50,000 thousand riyals and a maximum ceiling for shareholders of one million riyals to prevent monopoly, and said that the association's projects are planned and arranged according to realistic studies and accurate calculations to be an investment in cooperative forms that generate profits for shareholders and provide them, the market and shareholders with housing of high specifications.

Housing Projects (1) and (2)

The two projects are located in the north of Riyadh, where Housing (1) has an area of 900 square meters and contains 12 housing units, while Housing (2) has an area of 2,400 square meters, and the two projects are located near the main roads and streets where all services are available, and they are funded by the association's own resources, members" contributions and investment loans from various funds, and the projects are subject to the off-plan sale program.

Strategic partnership project with the Ministry of Housing

In order to diversify the Society's housing projects, its efforts with the Ministry of Housing resulted in the Ministry's approval to implement the ”Strategic Partnership Project", for which an area of 100,000 square meters has been allocated by the state, and the Society will play the role of developer and strategic partner for the Ministry and other housing authorities, in full and comprehensive coordination with the Ministry of Housing through a selected and specialized team.

The project will achieve the objectives of the Society. <The project achieves several objectives, mainly providing affordable and comfortable housing according to disciplined and specific standards in accordance with the conditions of the Ministry and the Real Estate Fund, and the project also provides an investment opportunity in the field of cooperative housing. The association's projects work to increase the supply to address the growing demand for housing units.

Association in Brief

It is worth mentioning that the Riyadh Housing Cooperative Association was established under the Cooperative Societies Law and its executive regulations issued by the Council of Ministers Decision No. 73 dated 9/3/1429 AH and based on the decision of the Minister of Social Affairs No. 77285 dated 21/8/1435 AH, and the importance of the association comes from the importance of housing in the economic development process in general, and its keenness to provide adequate housing for its members and provide housing services to various segments of society at appropriate prices and high quality, in addition to a set of positive economic results at the community level and the national level in general.

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