A cooperation agreement between the Ministry of Housing and the Social Development Bank to develop the labor market

The Ministry of Housing signed a cooperation agreement with the Social Development Bank, to qualify and finance small business owners to work in the field of real estate brokerage, where the bank will provide a package of financing products and non-financial services for the small enterprise category to benefit from opportunities in the real estate sector, with the aim of creating and qualifying commercial projects. Both technically and economically feasible. The Ministry of Housing was represented in signing the agreement by the General Supervisor of Real Estate Regulation, Eng. Mazen bin Muhammad Al-Dawoud, while Mr. Saeed bin Saleh Al-Zahrani represented the Social Development Bank in his capacity as Assistant Director-General of the Microfinance Sector. This agreement comes within the role of the Social Development Bank concerned with economic empowerment with a development impact, as the agreement aims for the Social Development Bank to finance real estate projects nominated by the Ministry of Housing, with support amounting to 300 thousand riyals, and the bank will also train and qualify those who meet the requirements to manage facilities. Real estate brokerage and qualifying them through training courses, in order to contribute to the economic development of the real estate brokerage sector and enhance its attractiveness to Saudi youth of both sexes to create and develop sustainable real estate brokerage facilities. The Ministry of Housing also seeks, through its various programs and services, to organize and facilitate a balanced housing environment, to open new horizons in the real estate sector. Creating quality job opportunities for Saudi youth and supporting them with capabilities in line with the goals of the Kingdom’s Vision 2030, in addition to supporting integration and partnership between government agencies to achieve development in the economic field in the Kingdom. It is noteworthy that the Ministry of Housing has begun working on qualifying real estate offices to become accredited real estate brokerage facilities, through which a package of real estate services will be provided that contribute to raising the efficiency of the real estate rental sector, organizing it, and facilitating procedures for dealing with parties to the rental process and preserving their rights, which contributes to the development of the real estate sector. In the Kingdom in general, through the (Ejar) program supervised by the Ministry.