His Excellency Dr. Majid bin Abdullah Al-Qasabi, Minister of Commerce and Investment, H.E. Acting Minister of Municipal and Rural Affairs, and His Excellency Minister of Housing, Majid bin Abdullah Al-Hogail, have signed today at MCI headquarters in Riyadh, a cooperation agreement between the Trade and Investment System, Ministry of Municipal and Rural Affairs and "Sakani" (My Residence) Program. This program will undertake to provide housing services to MCI and the Ministry of Municipal and Rural Affairs employees, including those listed in the Ministry of Housing and Real Estate Development Fund
This agreement aims to activate the partnership among government sectors through providing distinguished services for their employees, and for creating an attractive work environment, besides taking advantage of the services provided by other government agencies.
This agreement stipulates coordination among different departments of MCI, Ministry of Municipal and Rural Affairs and the Ministry of Housing for providing special offers for the employees to own the first residence. This agreement includes as well providing a special discount, on the profit margin, for those whose salaries are less than 14 thousand riyals, and another discount for those whose monthly income is more than SR 14 thousand.
The special offers also include providing full subsidization for the profits; this is from the total amount of financing, which amounts to 500 thousand riyals, also cancelling the administrative fees. All these benefits can be effected through 13 banks and financing institutions that will be available at "Sakani" (My Residence) Exhibition, to be held inside the aforementioned authorities to introduce the programs and activities of the Real Estate Loan, subject of this program.
Through this agreement, the exhibition allows the participation of a number of real estate developers, so that they can introduce their housing projects to MCI & Municipality employees, at the same time offering exclusive discounts. This agreement includes as well providing the service of Real Estate Advisor, to provide the best financing recommendations and real estate solutions, in addition to the presence of the official concerned employees to verify the registration cases.
Notably, it is scheduled to benefit from this joint agreement the following entities: The Ministry of Municipal and Rural Affairs Staff, along with Trade & Investment System, including the Ministry of Commerce and Investment, General Investment Authority, Saudi Standards, Metrology and Quality Organization, General Authority for Small and Medium Enterprises, General Authority for Foreign Trade, Saudi Authority for Accredited Evaluators, Saudi Authority for Intellectual Property, Saudi Organization for Certified Public Accountants, Real Estate Contribution Committee.
It is worth mentioning that "Sakani" program, related to the Ministry of Housing, offers 6 housing and financing options for beneficiaries, including obtaining a Ready-Made Housing Unit within the Ministry's projects, or Under-Construction Housing Unit within the projects of "Sakani" Program in partnership with the private sector, or obtaining a free land, as well as obtaining a real estate financing, subsidized for the options of self-construction, or buying a Ready-Made Housing Unit from the market, in addition to converting the existing real estate financing into a subsidized one.