The Social Development Bank and the General Real Estate Authority sign a cooperation agreement

Today, via video communication, the Social Development Bank and the General Real Estate Authority signed an agreement aimed at building a strategic relationship in support, financing and awareness of real estate activities in the Kingdom.

The agreement was signed by His Excellency the Governor of the General Real Estate Authority, Mr. Essam bin Hamad Al-Mubarak, and the CEO of the Social Development Bank, Ibrahim bin Hamad Al-Rashed.
The agreement aims to stimulate the practice of self-employment and contribute to achieving the goals of flexible work by creating opportunities for self-employed workers to increase their monthly incomes, as well as providing the opportunity for national cadres to practice real estate activities by applying the provisions of the commercial concession system to real estate sector activities, as the bank provides financing to those interested. In owning their projects in the franchise program with a value of up to 10 million riyals, in accordance with the policy of financing the commercial franchise product, and providing packages of non-financial services such as training and consulting to grantors and owners of commercial franchises in the real estate sector.
It also works to improve the level of performance of national cadres in the real estate sector, qualifying and training them through the Real Estate Institute, in addition to creating new job opportunities for national cadres in real estate franchise facilities, and motivating holders of self-employment documents in the real estate sector for entrepreneurship and obtaining franchises for real estate facilities approved under the program. Real estate classification in the Authority, improving the real estate work environment, and qualifying projects owned by male and female citizens in economically viable real estate fields.
This agreement comes based on the principle of cooperation and integration in order to achieve national development goals and achieve the goals of the National Transformation Program and the Kingdom’s Vision 2030, and the role of the Social Development Bank in providing financing products and non-financial services to the category of small and emerging enterprises to create and qualify projects owned by male and female citizens in various fields of economic feasibility. Both .