Middle-east Arab News Opinion | Asharq Al-awsat

Minister of Labor: Changes to Saudi Credit and Savings Bank Increases Income of Individuals | ASHARQ AL-AWSAT English Archive 2005 -2017
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Saudi Arabia government hold a cabinet session. (Image: SPA)

Riyadh – Following the Cabinet’s decision to change the name of Saudi Credit and Savings Bank to Social Development Bank, Minister of Labor and Social Development Mufrej al-Haqbani stressed on the importance of transforming the work of the bank to social development and expand the development of loans and savings programs.

The minister linked the business of the bank with that of the targets of the National Transformation Program 2020 (NTP 2020) and Vision 2030.

He pointed out that the change will increase the productivity and competences of the individuals through a number of programs and initiatives to enhance their potentials and increase their income.

Majed al-Hogail, Minister of Housing said that the decisions of the cabinet to support housing will increase the chances of citizens owning houses within an adequate period of time.

The minister also explained that the support for housing includes other executive parties in the public, private, and national sectors like commercial banks and private real estate funding institutions.

He added that the ministry will have the authority to generate programs to speed payments of installments in coordination with the private sector through the partnership with banks and funding companies.

The minister also indicated that the facilitated mortgage that was approved is part of the partnership between the ministry of Housing, Ministry of Finance, and the Saudi Arabian Monetary Agency (SAMA) that aims to decrease the first payment when buying a house with real estate funding through banks.

While Fahad Bin Sulaiman al-Tekhaifi, President of the General Authority for Statistics (GaStat), said that the cabinet’s approval on the regulations of the associated members of the General Organization for Social Insurance will help the authority in adapting to the requirements of the coming phase. Thus it will be able to attract capable specialized personnel in the fields of statistics and administrative work.