Article 14 of the Saudi Law of Real Estate Development Fund
المادة 14 من نظام صندوق التنمية العقارية
The article gives the Fund's money, including the financing it provides, the benefits and guarantees established for the public treasury's rights, and provides that it is collected under the laws regulating this.
Official text (Arabic)
This article has not been amended since the law was issued.
تتمتع أموال الصندوق، بما فيها التمويلات التي يقدمها، بالمزايا والضمانات المقررة لحقوق الخزانة العامة، وتُحصّل وفقاً للأنظمة المنظمة لذلك.
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 14 explained in plain English
This article gives the Fund's money special protection, providing that it enjoys the benefits and guarantees established for the rights of the public treasury, and expressly includes in this the financing it provides.
The text contains two points:
- Protection: the Fund's money is treated, in its benefits and guarantees, like the rights of the public treasury.
- Collection: this money is collected in accordance with the laws regulating it.
The article does not detail what these benefits and guarantees are, nor the collection procedures, but refers on this to the laws regulating the rights of the public treasury and their collection, so no details should be inferred from the text of this article alone.
The importance of the article for a beneficiary is that the financing he obtains from the Fund is subject to this protection. Under Article 1, financing is the direct or subsidized real estate loans the Fund provides, or the guarantees it provides to real estate developers and financing bodies.
Anyone facing a claim from the Fund would do well to consult a lawyer specialized in real estate cases and real estate finance.
Practical example
Ahmed obtained direct financing from the Fund and then fell behind in repayment. This article makes the amount due enjoy the benefits and guarantees established for the rights of the public treasury, and it is collected under the laws regulating this, not just as an ordinary debt.
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 14 of the Saudi Law of Real Estate Development Fund
What is the status of the Real Estate Development Fund's money?
It enjoys the benefits and guarantees established for the rights of the public treasury, including the financing it provides.
How are the Real Estate Fund's dues collected?
They are collected under the laws regulating this, as the article provides, without detailing the procedures.
More articles on Fund Capital, Resources and Financial Oversight
- Article 11
The Article sets the Fund's capital at SAR 190,897,900,000, which may be increased by Council of Ministers decision, and lists its resources, including State support, cash flows, fees, and others.
1- رأس مال الصندوق (190.897.900.000) مائة وتسعون مليارًا وثمانمائة وسبعة وتسعون مليونًا وتسعمائة ألف ريال سعودي. وتجوز زيادته بقرار من مجلس الوزراء، بناء على اق
- Article 12
The Article provides that the Fund has an annual operating budget prepared on commercial bases and standards and financed from its resources, and that its fiscal year is the State's fiscal year.
1- يكون للصندوق ميزانية تشغيلية سنوية، تعد وفقاً للأسس والمعايير التجارية، وتمول من موارده المالية. 2- السنة المالية للصندوق هي السنة المالية للدولة.
- Article 15
The article requires the Fund to open an account at the Saudi Central Bank, allows it to open accounts at licensed banks, and spend from them according to its approved budget.
يفتح الصندوق حساباً له في مؤسسة النقد العربي السعودي، ويجوز له فتح حسابات أخرى في أي من البنوك المرخص لها بالعمل في المملكة، ويصرف من هذه الحسابات وفق ميزانيته
- Article 16
The article requires the Board to appoint one or more licensed external auditors to audit the Fund's accounts, without prejudice to the General Court of Audit's jurisdiction.
دون إخلال باختصاص الديوان العام للمحاسبة في الرقابة على حسابات الصندوق، يعين المجلس مراجع حسابات خارجيًّا (أو أكثر) من المرخص لهم بالعمل في المملكة، لتدقيق حساب
- Article 17
The article requires the Board to issue the Implementing Regulations within ninety days of the Law's publication, publish them in the Official Gazette, and have them take effect from the date the Law takes effect.
يصدر المجلس اللائحة خلال (تسعين) يوماً من تاريخ نشر النظام، وتنشر في الجريدة الرسمية، ويُعمل بها من تاريخ العمل بالنظام.
- Article 18
The article provides that this Law replaces the Real Estate Development Fund Law issued by Royal Decree No. M/23 dated 11/6/1394 AH, and takes effect ninety days after its publication in the Official Gazette.
1- يحل هذا النظام محل نظام صندوق التنمية العقارية الصادر بالمرسوم الملكي رقم (م / 23) وتاريخ 11 / 6 / 1394هـ. 2- يُنشر النظام في الجريدة الرسمية، ويُعمل به بعد
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.