State Properties Authority clarifies its powers

Logo of State Properties General Authority 

The State Properties General Authority (SPGA) revealed the most important characteristics of its statute and powers approved last week by the Saudi Cabinet.

The new statute will help SPGA achieve its objectives and optimally protect the state’s properties and investments, SPGA said in a tweet. 

The authority was granted powers to dispose of and invest in the state’s properties. It can also buy land plots to fulfill the needs of other government entities.  

SPGA will assess the properties eyed by the government entities for purchase or lease on the technical and financial levels. It will also set standards for state-owned assets.  

Other powers include the allocation of state properties for certain government entities and signing finance contracts, including debt instruments, sukuk, etc.