State’s Property Rental Law key to achieve development goals: Al-Jadaan

03/02/2023 Argaam

State’s Property Rental Law key to achieve development goals: Al-Jadaan

Minister of Finance Mohammed Al-Jadaan

The State’s Property Rental and Eviction Law and its executive regulations are key to achieve several development targets, Minister of Finance, Mohammed Al-Jadaan, said.

 

Achieving spending efficiency in the rentals made by government agencies is one of these targets.

 

The State’s Property Rental and Eviction Law and its executive regulations came into force on Feb. 2 as announced by the State Properties General Authority (SPGA), Argaam reported.

 

The authority stated that the new law and the executive regulations also allow more flexibility in determining the duration of lease contracts that reach five years, renewable to up to 25 years, subject to the SPGA approval. It allows a duration of 50 years for real estate built on government land that the authority contracts with investors for investment projects.

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