Business News
COVID-19: Saudi Arabia waives 25% of municipal property rents
Dubai: Investors in Saudi Arabia have been exempted from paying 25 per cent of the municipal property rents for a period of three months, Okaz Newspaper reported.
The decision will help over 50,000 facilities deal with the economic effects of coronavirus by relieving them off payments amounting to over $151.9 million, the daily added.
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Majed Al Hoqail, the minister of housing and acting minister of municipal and rural affairs, said that the approval was granted by the highest authorities to exempt investors from paying 25 per cent of the rental value of municipal real estate contracts for this year.
“This generous approval comes as part of the unlimited support being provided by the state to mitigate the effects of the coronavirus pandemic on the private sector and to protect investors from defaulting in order to ensure the sustainability of projects,” Al Hoqail added.