A royal decree was issued approving the new municipal real estate disposal system, said acting Minister of Municipal and Rural Affairs Majid Al-Qasabi during the inauguration of Municipal Investments Forum (Furas).
The grace period granted to investors will depend on the investment size, he added.
The leasing period could reach up to 50 years, Al Qasabi also said, noting that the ministry may include partners through various models without leasing land.
Investors who are currently engaged in investment projects with the ministry could extend their agreement term by 25 years.
“The ministry is currently working on enhancing the role of municipalities, improving rules and subscriptions, as well as facilitating procedures for investors. These efforts will come into effect within a few weeks”, he stressed.
The new rule is expected to raise the private sector’s contribution to the gross domestic product (GDP), ensure balanced and sustainable urban development and provide cities with high-quality infrastructure, Al-Qasabi concluded.
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