| 24 Jul 2010 |
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Shoura Council to review draft mortgage law after Ramadan
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RIYADH: The Shoura Council is to review a draft mortgage law for the Kingdom's real estate sector after its summer holidays, the council's secretary-general said on Friday.
"Since there was a difference of opinion on certain issues between the council and the Cabinet, the matter was taken up at the 40th regular session of the council held in June," Muhammed Al-Ghamdi said.
He added that members asked for more time to discuss the proposed law, which proponents say would benefit the country's economy.
"Because of the summer vacation and to give more time for its members to debate the issue, it will be taken up as the council resumes its sitting, probably after the holy month of Ramadan," he said.
The draft law includes provisions for establishing a mortgage registration law, which provides for the use of mortgages in real estate financing.
It will also expand a judicial court's authority to include injunctive and declaratory powers, and to enforce such orders.
The proposed bill will also introduce a financial leasing law, which regulates the incorporation, activities, and governance of financial leasing companies.
A real estate finance law, regulating the incorporation, activities, and governance of companies engaged in real estate financing, and a control of finance companies law will also be introduced if the bill is approved. The implementation of the law is expected to boost real estate business in the Kingdom and pave the way for the construction of thousands of housing units throughout the country.
Al-Ghamdi said that the new law would generate a lot of interest among citizens since individuals and businesses are keen to develop the real estate sector in the country.
He added that the proposed law was approved by the council in 2008 and sent to the Cabinet for final approval.
Al-Ghamdi said that the council had set up a special committee comprising six members to study the whole draft in detail. "The committee has completed 12 sittings and will present its report soon to enable the whole house to make any amendments to the bill."
Following approval by the council, the secretary-general explained that the Cabinet would have a last look at the final draft before it is presented for ratification to Custodian of the Two Holy Mosques King Abdullah.
In the council's annual report released on Friday, Al-Ghamdi mentioned that the house had successfully passed 86 resolutions presented to the king.
During this period, the council had also discussed a number of treaties and international conventions and memoranda of understanding, he added.
By MD Rasooldeen
© Arab News 2010
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