The Ministry of Social Affairs intends to issue a new regulation as part of its scenarios that are still being studied to prohibit addressing the boards of directors of cooperative societies to investors of commercial stores directly, without notifying the Ministry, whether regarding renewal or non-renewal of investment contracts, or an increase in rent and other contractual matters with the investor.
The Al-Rai daily has learned from informed that, according to the proposal, the boards of directors of cooperative societies will have to obtain prior approval from the ministry on the contractual procedure, after submitting convincing statements to ministry officials explaining the reasons on which they based the decision to renew or not to renew any of their investment contracts or increase the rent on investor.
The sources pointed out that the option of renewing investment contracts is expected to be specified by the ministry with 3 support segments for the association, including a period of one year with a thousand dinars, 3 years with 15 thousand, and 5 years with 50 thousand, noting that these amounts are paid as support for the cooperatives upon renewal in addition to the rental value agreed upon, but it is currently pushing through a mechanism other than the one that the ministry intends to approve.
