Fahad Bin Abdullah Almubarak: Achievements and developments during the past nine years in Saudi Arabia Speech by H E Dr Fahad Bin Abdullah Almubarak, Governor of the Saudi Arabian Monetary Agency, on the occasion of the 9th Anniversary of Allegiance to the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz, Riyadh, 27 April 2014. *  *  *  On the 26th of Jumada II, 1435 H, the Saudi people celebrate the occasion of Allegiance anniversary to the Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz Al Saud – may Allah preserve him- in its ninth year, expressing their deepest affection and sincere loyalty to the leader and the country. These sentiments are based on deep-rooted foundations, at the top of which are his characteristics – may Allah preserve him- of wise leadership of the affairs of the state, the national economy and great attention paid to citizens’ different interests. This has resulted in comprehensive developmental achievements that have raced time and exceeded the set goals, since his assumption of the reins of power on 26/6/1426 H, corresponding to 1/8/2005 to the present time. It is difficult to count down the achievements of these past nine blessed years in brief, but I will touch upon some of them with some statistics that are the best evidence of achievement and development.
Other approved decisions are as follows: a decision to allow GCC citizens to exercise the activities of insurance services, transport services, in its different forms, and real estate services, the application of the Same National Treatment on GCC citizens in the field of jointstock companies’ shares ownership and trading and GCC Citizens Real Estate Ownership Regulation in the Member States for residential and investment purposes. Women Right to Obtain a Housing Loan from the Real Estate Development Fund, when she is responsible for her family, has also been approved. The Ministry of Housing has been established and it has received allocations of SAR 250 billion. The Real Estate Development Fund’s maximum real estate loan has been increased to SAR 500 thousand from SAR 300 thousand. The draft Arab Agreement on Combating Cyber Crimes and the draft Arab Agreement on Combating Money Laundering and Terrorist Financing have been approved. Financial Leasing Law, which aims to provide a funding formula for joint-stock companies specialized in financial leasing, has been approved. SAMA has been entrusted with the supervision and control function over financial leasing. Real Estate Mortgage Law has been approved to provide the necessary guarantees, when practicing real estate finance activities, and define the mortgage contract parties’ rights and obligations and provide more flexibility in utilizing real estate assets.