Article 8 of the Saudi Law of Real Estate Development Fund

This Article regulates the Fund's borrowing and other forms of indebtedness, which include:

• borrowing.
• issuing sukuk and bonds.
• other debt instruments and other financing instruments.

The text requires two things together for this:

1. the Board's approval.
2. that it be in accordance with controls agreed with the National Debt Management Center and the National Development Fund.

The Article does not state the content of the agreed controls; they are left to agreement among the bodies mentioned.

The Board's approval required here is given under the decision-making rules in Article 9, that is, by a majority of the votes of the members present at least, in a valid meeting attended by a majority of the members including the Chairman or his deputy, and where votes are equal the side the chair of the meeting voted with prevails.

This Article is connected to Article 7, which has the Board adopt the Fund's investment policies, develop them, and take its investment decisions in accordance with them. Note that this Article sets no ceiling on borrowing amounts or terms for debt instruments, and does not state the purposes for which borrowing is permitted.