Saudi Arabia coordinated the business relationship between the lessee (investor) and the government authorities, in terms of long-term properties investment, according to resolutions issued by the cabinet on Tuesday.
The cabinet decisions came after getting briefed on the transaction related to the proposal of organizing the relationship between the lessee (investor) and the government authorities, in terms of long-term real-estate investment contracts. The cabinet also got informed of the recommendation of Saudi Council of Economic and Development Affairs.
The issued resolutions included that the lessee should enjoy the capacity of an owner so that he can act with the property in accordance with the rights and obligations, without the need to get a proxy from the property owner.
The issued resolutions in this regard also included the services provided by the e-network, the rental services of awqaf properties – also the General Authority for Awqaf would prepare a unified structure for awqaf investment contracts.
This resolution is expected to have a positive impact on properties rented for a long time.
