Referring to the Cabinet Decision No. 8420 dated 4/3/2015, which involves conducting financial settlements with beneficiaries of the project "Sakan Kareem Le’Aysh Kareem” to the end of recalculating the apartment price for the beneficiary based on the net area specified in the registration document issued by the Department of Lands and Survey and refunding the difference in price to the beneficiary:

First:

Based on this, HUDC has initiated the implementation of the decision according to an especially prepared mechanism, whereby dealing with transactions funded by non-Islamic banks was initiated through:

1. Compiling a list of beneficiaries from each project who have hit the time marker of two-year elapsed after benefiting.
2. Preparing property transfer transactions to the Department of Land and Survey.
3. Sending text messages to beneficiaries for review and completion of the property transfer transaction.
4. Obtaining a recent registration document in the beneficiary's name.
5. Preparing the settlement transaction and issuing a check in the beneficiary's name (payable to the initial beneficiary).
6. Sending a text message informing to receive the check and sign the settlement.

Second:

Regarding transactions financed by Islamic banks, and since the bank is the beneficiary, an agreement has been reached with the Islamic bank to proceed with the procedures according to principles. The settlement amount will be transferred to the bank, which will offer the lessee the option to:

1. Receive the amount as is specified in the settlement.
2. Calculate the settlement value and deduct it from the apartment price on the purchase date, which will automatically be reflected on the total apartment value.

Third:

The settlement procedures for unsorted projects will be completed upon the issuance of registration documents for each project following the same mechanism.