State rental of new real estate, implementing regulations to take effect on Feb. 2

Logo of State Properties General Authority (SPGA)

The State Properties General Authority said that the state’s real estate rental law and its implementing regulations will enter into force, starting next Thursday, February 2, according to a statement.
 

The authority also stated that the new law and its implementing regulations replace the State Rental and Evacuation of Real Estate Law and its implementing regulations, and aim to regulate the process of state leasing real estate through government agencies according to its needs, as well as rationalizing the financial costs of renting, Saudi Press Agency reported.
 

This is in addition to developing the exploitation of rented real estate by government agencies, strengthening the principles of governance, establishing the principles of transparency and efficiency in government rental of real estate, as well as unifying the authority supervising the rental process, the statement added.
 

Furthermore, the law targets ministries, public authorities and institutions and the like, in addition to the owner of the property or whoever has the right to lease it legally. It will also have a lot of positive effects on the investment sector in the real estate market, which will increase the contribution of the real estate sector to the Kingdom's gross domestic product.