18 June 2013
RIYADH -- The Shoura (Consultative) Council Monday approved uniform rules to obtain loans from the Real Estate Development Fund on the basis of social, cultural and economic situations of the individuals. It decided to treat male and female citizens equally in all conditions for obtaining loans like age, marital status and other factors.
Dr. Fahhad Mu'tad Al-Hamad, Assistant Chairman of the Council, said the Financial Affairs Committee adopted the recommendation presented by Dr. Wafa Taibah, Dr. Lubna Al-Ansari and Dr. Muna Al-Mushayt.
The Council also recommended that the ministry of finance should speedily support the fund as follows: Payment of the permitted capital and the paid capital reaching SR56 billion, supporting the fund's capital with a fixed annual amount so as to meet the requests of applicants in a maximum of ten years, to speed up support for the new programs that the fund intends to carry out like the expedited loan program.
The Council also asked the fund to coordinate with related authorities to find means to encourage a change from the policy of individual construction to comprehensive development projects so as to ensure low costs.
Al-Hamad stressed that the Council attaches great importance to the issue of housing and it seeks to provide a roof to all citizens. In this connection, he said, the Council last week discussed the annual ministry of housing report. One of the recommendations of the Housing, Water and Public Services Committee, he said, is to speedily devise a mechanism to facilitate an easy access to loans for housing units and plots of land.
The Council also discussed subjects amending some of the articles of the labor law.
Al-Hamad said the discussion showed that the Shoura members attach great importance to the labor laws with several of them seeking far-reaching changes.
Proposals put forward by some members are still being discussed by the Council's human resources committee which is expected to finalize its report soon.
A member demanded that unspecified contracts should not be converted into temporary or specified ones as it would endanger job security. Another member said temporary contracts serve big companies at the expense of the employee, encourage monopoly and create a work environment not conducive for Saudi employees.
Another member called for flexibility in ending contracts especially in the contracting field where the worker is linked to the contracts for temporary projects.
Speaking about end of service award, a member said the amendment is heavily loaded against employees. An employee, according to the proposed amendment, will be deprived of the award if he resigns and it impinges on his basic right.
RIYADH -- The Shoura (Consultative) Council Monday approved uniform rules to obtain loans from the Real Estate Development Fund on the basis of social, cultural and economic situations of the individuals. It decided to treat male and female citizens equally in all conditions for obtaining loans like age, marital status and other factors.
Dr. Fahhad Mu'tad Al-Hamad, Assistant Chairman of the Council, said the Financial Affairs Committee adopted the recommendation presented by Dr. Wafa Taibah, Dr. Lubna Al-Ansari and Dr. Muna Al-Mushayt.
The Council also recommended that the ministry of finance should speedily support the fund as follows: Payment of the permitted capital and the paid capital reaching SR56 billion, supporting the fund's capital with a fixed annual amount so as to meet the requests of applicants in a maximum of ten years, to speed up support for the new programs that the fund intends to carry out like the expedited loan program.
The Council also asked the fund to coordinate with related authorities to find means to encourage a change from the policy of individual construction to comprehensive development projects so as to ensure low costs.
Al-Hamad stressed that the Council attaches great importance to the issue of housing and it seeks to provide a roof to all citizens. In this connection, he said, the Council last week discussed the annual ministry of housing report. One of the recommendations of the Housing, Water and Public Services Committee, he said, is to speedily devise a mechanism to facilitate an easy access to loans for housing units and plots of land.
The Council also discussed subjects amending some of the articles of the labor law.
Al-Hamad said the discussion showed that the Shoura members attach great importance to the labor laws with several of them seeking far-reaching changes.
Proposals put forward by some members are still being discussed by the Council's human resources committee which is expected to finalize its report soon.
A member demanded that unspecified contracts should not be converted into temporary or specified ones as it would endanger job security. Another member said temporary contracts serve big companies at the expense of the employee, encourage monopoly and create a work environment not conducive for Saudi employees.
Another member called for flexibility in ending contracts especially in the contracting field where the worker is linked to the contracts for temporary projects.
Speaking about end of service award, a member said the amendment is heavily loaded against employees. An employee, according to the proposed amendment, will be deprived of the award if he resigns and it impinges on his basic right.
© The Saudi Gazette 2013
