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The Amendment Allows Cooperatives To Renew Investment Contracts With Smes
Mubarak Zaid Al Aro Al Mutairi, Minister of Social Affairs and Community Development and Minister of State for Housing Affairs, made a ministerial resolution authorizing the National Fund for Small and Medium Enterprises to extend investment contracts for projects within cooperative societies.
Article (18) of Ministerial Resolution No. 75/A of 2019 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. 75/A of 2019.
Before the amendment, the text of the article read: The business owner may obtain one non-renewable contract to invest in the cooperative society for a period of five years, after which the shop is handed over to the coop, and it is not permissible to apply for another investment with any other association during the same period.
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