The Minister of Social Affairs and Community Development and Minister of State for Housing Affairs Mubarak Zaid Al Aro Al Mutairi issued a ministerial decision allowing the renewal of investment contracts for projects of the National Fund for Small and Medium Enterprises inside cooperative societies.
The decision includes amending the text of Article (18) of Ministerial Resolution No. 75/A of 2019 to reas as follows: Article (18) for the business owner to obtain an investment contract for the shop in the association for a period of five years, is subject to renewal, provided that the employer provides financial support to the association as determined in agreement with the Board of Directors in accordance with the controls contained in Article (39) of Ministerial Resolution No. (46/T of 2021 regarding the issuance of the regulation regulating cooperative work and its amendments), according to a local Arabic daily.
The text of the article before the amendment read as follows: The business owner may obtain one contract to invest in the cooperative society for a period of five years, non-renewable, after which the shop is handed over to the coop, and it is not permissible to apply for another investment during the same period with any other association.