Article 5 of the Saudi Law of Real Estate Development Fund
المادة 5 من نظام صندوق التنمية العقارية
The Article sets the Fund's board: chaired by the Minister, with the Chief Executive Officer, government representatives, and three specialists serving three years, renewable once.
Official text (Arabic)
This article has not been amended since the law was issued.
1- يكون للصندوق مجلس إدارة برئاسة الوزير، وعضوية كل من:
أ- الرئيس التنفيذي.
ب- ممثل من وزارة الشؤون البلدية والقروية.
ج- ممثل من وزارة المالية.
د- ممثل من وزارة الاقتصاد والتخطيط.
هـ- ممثل من صندوق التنمية الوطني.
و- ممثل من مؤسسة النقد العربي السعودي.
ز- ثلاثة من المختصين وذوي الخبرة في مجال عمل الصندوق، يرشحهم الوزير ويصدر بتعيينهم قرار من مجلس الوزراء، وتكون مدة عضويتهم (ثلاث) سنوات قابلة للتجديد مرة واحدة.
2- يجب ألا تقل مرتبة ممثلي الجهات الحكومية في المجلس عن المرتبة (الرابعة عشرة) أو ما يعادلها.
3- يحدد الرئيس من ينوب عنه من الأعضاء من ممثلي الجهات الحكومية في رئاسة الاجتماعات عند غيابه.
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 5 explained in plain English
This Article regulates the formation of the Fund's board of directors, which according to Article 6 is the authority responsible for setting its general policy.
Chair: the Board is chaired by the Minister, who according to Article 1 is the Minister of Housing.
Membership:
- The Fund's Chief Executive Officer.
- A representative of the Ministry of Municipal and Rural Affairs.
- A representative of the Ministry of Finance.
- A representative of the Ministry of Economy and Planning.
- A representative of the National Development Fund.
- A representative of the Saudi Arabian Monetary Authority.
- Three specialists and persons of experience in the Fund's field of work, nominated by the Minister and appointed by a decision of the Council of Ministers, with a term of membership of 3 years, renewable once.
Rank condition: the rank of the government bodies' representatives must be no lower than the fourteenth grade or its equivalent.
Deputizing for the chair: the Chairman designates who deputizes for him in chairing meetings in his absence, provided he is one of the members who represent government bodies.
Note that the three-year term and the limit of one renewal apply to the specialist members only, as the text states.
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 5 of the Saudi Law of Real Estate Development Fund
Who chairs the board of the Real Estate Development Fund?
The Minister, who is the Minister of Housing under the definitions in Article 1.
How long is the specialist members' term on the Fund's board?
Three years, renewable once.
Who appoints the specialist members?
The Minister nominates them and they are appointed by a decision of the Council of Ministers.
Who deputizes for the chair of the Board in his absence?
Whoever the Chairman designates from among the members who represent government bodies.
More articles on Fund Board of Directors and Its Jurisdiction
- Article 6
The Article makes the Board the authority responsible for setting the Fund's general policy and lists its competences, including approving products, setting the support percentage, regulations, and the budget.
دون إخلال باختصاصات صندوق التنمية الوطني، المجلس هو السلطة المسؤولة عن رسم سياسة الصندوق العامة، في حدود نظامه والأنظمة ذات العلاقة، ويتولى جميع المهمات والصلاح
- Article 7
The Article requires the Board to adopt the Fund's investment policies, develop them continually, and take its investment decisions in accordance with them, with the ability to delegate whomever it sees under controls it sets.
دون إخلال باختصاصات صندوق التنمية الوطني، يقر المجلس سياسات الاستثمار الخاصة بالصندوق ويطورها بصفة دائمة، ويتخذ قراراته الاستثمارية وفقاً لهذه السياسات، ويجوز ل
- Article 9
The Article regulates the Board's meetings: at least every three months, seven days' notice, a majority quorum, decisions by a majority of those present, and remote attendance.
1- يجتمع المجلس -بناءً على دعوة من رئيسه- كل (ثلاثة) أشهر على الأقل، وكلما دعت الحاجة إلى ذلك. ويجب أن توجه الدعوة -كتابة- قبل الاجتماع بـ(سبعة) أيام على الأقل،
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.