The proposed law was approved by the council in 2008 and was sent to the Council of Ministers for approval before it was returned for further review of certain clauses in the draft law.

“A three-member committee would submit its point of view on the draft law to the council on Sunday, which would open the debate among the members,” Al-Asheikh said. The draft mortgage law includes rules for mortgage registration, financing, regulatory measures for lenders and rules for enforcement and relief.

Implementation of the Saudi mortgage law is likely to boost demand for housing by around 50 percent. According to a real estate expert, the enactment of the mortgage law is eagerly anticipated, as it can help end users tackle their financing problems. The other important item that has been scheduled for discussions includes the council’s recommendation to create a separate department for zakat. The deliberations are expected to begin following the presentation of the annual report of the Department of Zakat and Income Tax.

During this week, the council is expected to hold sittings on Sunday and Monday that will be presided over by Al-Asheikh.

The Shoura Council will also hear the views of the Committee on Economic Affairs and Energy on the Ninth Development Plan. Based on a report from the Committee on Economic Affairs and Energy on the draft memo for cooperation in the field of industry between the Kingdom and Qatar, Shoura members are expected to look into the merits and demerits of such cooperation. The house will also dwell on a memo on political consultations between the Kingdom and Denmark.

The members will also take up the issue of defense cooperation between the Kingdom and Yemen and recommend the draft memo between the ministries of interior in the two countries for ratification by the Council of Ministers

According to a report from the Committee on Economic Affairs and Energy on a protocol between the Kingdom and Vietnam on cooperation in the sectors of oil, gas and minerals, the house will see whether it could approve the draft memo to be presented on Monday.

In May this year, a draft agreement on Vietnam was presented to the house by the council’s Committee on Economic Affairs and Energy. It included bilateral cooperation in areas such as agriculture, livestock and fisheries. The house also urged the two countries to concentrate on improving their economic cooperation and encourage entrepreneurs to invest in each other’s countries.

In April, Vietnamese President Nguyen Minh Triet met Custodian of the Two Holy Mosques King Abdullah and held wide-ranging talks here to boost bilateral ties, especially in oil, food and manpower.

During this visit, King Abdullah and President Triet also witnessed the signing of three major agreements: a treaty to avoid double taxation, a protocol to promote ties in the oil and gas sectors and an agreement to promote cooperation in agriculture sector. Triet also addressed the Shoura Council during his stay in Riyadh. Trade volume between the Kingdom and the Southeast Asian country exceeds $291 million annually.