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Minors Affairs Directorate Writes to Ministry of Municipalities and Agriculture About the Issue of Technical Licences for its Investment Projects  [ 17/07/2008 ]

[17/07/2008]

HE Mr. Abdul Jalil Ali AL Hayki, Assistant Undersecretary for Minors Affairs at the Ministry of Justice and Islamic Affairs said HE Minister of Justice & Islamic Affairs and Chairman of the Board of Trustees of Minors Funds wrote to HE Minister of Municipalities and Agriculture with respect to approving the proposed plan for the Saar land owned by the Minors Affairs Directorate to obtain the necessary approvals in such cases and the issue of licences for the technical and engineering designs for a residential and commercial project. 

He explained that in May 2007 the Minors Affairs Directorate filed a case in the Summary Proceedings Court with respect to establishing the status of buildings constructed by the defendants with the aim of evaluating each of them separately. For this reasons, the Summary Proceedings Court appointed a licensed engineering form to prepare a technical report concerning the status of the property. 

Meanwhile, he revealed that the technical report concerning the Saar land was received to be invested for the minors’ account. It contains a valuation of the buildings erected on the land. Earlier, the Minors Affairs Directorate acquired the land for the benefit of minors with the aim of investing it. It should be noted that the previous owner had leased it to 6 tenants. The nature of the land use is to be stables for horses, poultry farms, greenhouses for plants and seasonal vegetables and some of them include apiaries.

On this occasion, Assistant Undersecretary for Minors Affairs Mr. Abdul Jalil Ali Al Hayki said the Directorate of Minors Affairs operates a diversified investment basket according to the best available investment alternatives. This basket comprises shares, bonds and stocks in many Islamic and national banks as well  as major national companies. This investment basket also includes leased buildings and commercial buildings. The Board of Trustees of Minors Funds is in the process of forming specialized committees to lay down the rules and standards for promoting investment standards using the best available investment alternatives. 

 
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