Custodian of the Two Holy Mosques chairs Cabinet's Session 3

The Cabinet authorized the Minister of Higher Education, or his
deputy, to hold discussions with Kazakhstan on preparing a draft
memorandum of understanding on scientific and educational cooperation
between the Ministry of Higher Education in the Kingdom of Saudi
Arabia and the Ministry of Education and Culture in Kazakhstan, to
sign it in view of the text attached to the decision and to submit
the signed final version for endorsement.



The Cabinet authorized the Minister of Finance, or his deputy, to
sign a draft agreement between the Kingdom of Saudi Arabia and
Kazakhstan on avoiding tax duplication and preventing tax evasion
concerning taxes on income and the protocol attached to it in view of
the texts attached to the decision and then to submit the signed
final version for endorsement.



The Cabinet approved the controlling measures concerning the sales on
maps of housing, commercial, office, service or industrial units
according to the text attached to the decision.



The measures prohibit the practice of the activity of the sale on
maps of any housing, commercial, office, service, industrial or other
real estate units; they also prohibit advertising the sale in
domestic or foreign media; marketing it in the kingdom or in
show-case exhibitions without first receiving an approval from the
committee stated in clause (second) of these controls.



The measures also include the formation of a committee at the
Ministry of Commerce and Industry from the Ministry of Municipal and
Rural Affairs, the Saudi Arabian Monetary Agency and the General
Authority for Housing. The committee shall carry out tasks including
the consideration of applications for the practice of real estate
development activity; setting out conditions for technical and
financial qualification for real estate developers; setting out
conditions for the rights of consumers and conditions for operation
at joint utilities at the project of real estate development and
setting out conditions for disclosure of information on sold real
estate units and the mechanism for the protection of consumers from
the sale by developers and brokers of a real estate unit to more than
one buyer.