Article 10 of the Saudi Law of Real Estate Development Fund
المادة 10 من نظام صندوق التنمية العقارية
The Article provides for the Fund's Chief Executive Officer to be appointed and dismissed by Board decision and to be responsible for managing its affairs, and lists his powers, including representing the Fund before the judiciary.
Official text (Arabic)
This article has not been amended since the law was issued.
يكون للصندوق رئيس تنفيذي، يعين في منصبه ويعفى منه بقرار من المجلس، ويحدد قرار التعيين أجره ومزاياه المالية الأخرى، ويعد المسؤول عن إدارة شؤون الصندوق، وتتركز مسؤولياته في حدود ما ينص عليه النظام وما يقرره المجلس، ويتولى -بوجه خاص- الصلاحيات الآتية:
1- تنفيذ قرارات المجلس.
2- التحضير لاجتماعات المجلس.
3- اقتراح استراتيجية عمل الصندوق، والخطط والبرامج اللازمة لتنفيذها، وعرضها على المجلس لإقرارها.
4- اقتراح سياسات الاستثمار الخاصة بالصندوق، وعرضها على المجلس لإقرارها.
5- الإشراف على سير العمل في الصندوق، والتثبت من توافق عمليات الصندوق مع ما يقضي به النظام واللائحة وما يقره المجلس.
6- الإشراف على إعداد تقرير قوائم الصندوق المالية، وحسابه الختامي، والتقرير السنوي عن نشاطه؛ تمهيداً لرفعها إلى المجلس.
7- الإشراف على إعداد التقارير الخاصة بتنفيذ خطط الصندوق وبرامجه، ورفعها إلى المجلس.
8- تمثيل الصندوق أمام القضاء، والجهات الحكومية والمؤسسات الأخرى ذات العلاقة، وغيرها من الجهات داخل المملكة وخارجها.
9- الاستعانة بالمكاتب الاستشارية وبالخبراء والمختصين والمستشارين ذوي الكفاءات المؤهلة في المجالات ذات العلاقة باختصاصات الصندوق.
10- الصرف من ميزانية الصندوق، واتخاذ جميع الإجراءات المالية، وفقاً للأنظمة واللوائح المقرة وفي حدود الصلاحيات التي يفوضه بها المجلس.
11- التعاقد لتنفيذ الأعمال والخدمات وغيرها، وفقاً للصلاحيات التي يفوضه بها المجلس.
12- إصدار القرارات اللازمة لتنفيذ الأحكام الواردة في النظام واللوائح الصادرة بناءً عليه، بحسب الصلاحيات المخولة له.
13- تعيين منسوبي الصندوق والإشراف عليهم، وفقاً للوائح المنظمة لذلك.
14- أي اختصاص آخر يسنده إليه المجلس.
ويجوز للرئيس التنفيذي تفويض بعض صلاحياته ومهماته إلى من يراه من منسوبي الصندوق، وله تفويض غيرهم فيما يتصل بما ورد في الفقرة (8) من هذه المادة.
This is the official Arabic wording, the only legally binding version. We do not translate the law itself; the explanation below is ours. Official source: Bureau of Experts at the Council of Ministers
Article 10 explained in plain English
This Article sets out the rules on the Fund's Chief Executive Officer:
- Appointment and dismissal: by decision of the Board, and the appointment decision sets his pay and other financial benefits.
- Responsibility: he is responsible for managing the Fund's affairs, within what the Law provides and what the Board decides.
He undertakes in particular powers, the most notable being:
- Carrying out the Board's decisions and preparing for its meetings.
- Proposing the strategy, plans, and investment policies and presenting them to the Board for adoption.
- Supervising the progress of work and verifying its conformity with the Law, the Regulations, and what the Board approves.
- Supervising the preparation of the financial statements, the final account, the annual report, and plan implementation reports, in preparation for submitting them to the Board.
- Representing the Fund before the judiciary and government and other bodies inside and outside the Kingdom (paragraph 8).
- Using consultancy offices and experts.
- Spending from the budget and contracting, within the powers the Board delegates to him and in accordance with laws and regulations.
- Issuing the decisions needed to implement the Law and its regulations according to his powers, and appointing the Fund's personnel and supervising them under the regulations.
- Any other competence the Board assigns to him.
Delegation: he may delegate some of his powers to whomever he sees among the Fund's personnel, and may delegate others in respect of paragraph 8 on representation.
To assess a particular situation with the Fund, it is advisable to consult a lawyer specializing in real estate and real estate finance matters.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
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Frequently asked questions about Article 10 of the Saudi Law of Real Estate Development Fund
Who appoints the Chief Executive Officer of the Real Estate Development Fund?
He is appointed and dismissed by decision of the board of directors, and the appointment decision sets his pay and financial benefits.
Who represents the Real Estate Development Fund before the judiciary?
The Chief Executive Officer, who may delegate others other than the Fund's personnel in respect of representation.
May the Chief Executive Officer spend without delegation?
Spending and contracting are in accordance with laws and regulations and within the powers the Board delegates to him.
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The texts are reproduced from the official website of the Bureau of Experts at the Council of Ministers for reference; where they differ, the officially published Arabic text prevails. This content is not legal advice.