Article 13 of the Saudi Real Estate Authority Statute

This Article regulates the Authority's budget and financial year:

1. The budget: the Authority has an independent annual budget, issued in accordance with the arrangements for issuing the state's general budget.

2. The financial year:

• The rule: the Authority's financial year is the state's financial year.
• The exception: the first financial year begins from the date the Statute takes effect, and ends at the end of the following financial year of the state. It is therefore longer than a year, because it includes the remainder of the year of effect and the year after it.

That the budget is "independent" means the Authority has its own budget, not that it is an undistinguished part of another body's budget. That it is issued "in accordance with the arrangements for issuing the state's general budget" means it follows the same procedures and timetables by which the general budget is issued.

This Article is linked to Article 12, which treats the Authority, as regards exemption of its imports from customs duties, under the rules for imports of public institutions; both are among the Authority's financial provisions. The exception for the first year is a transitional provision concerning only the start of the Authority's work, after which the general rule applies.