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.

###

SEE ALSO

  • From the editors: Dubai shows the way by slashing COVID-19 test price

  • In Pictures: Sheikh Nawaf Al Ahmed Al Sabah sworn in as the new Emir of Kuwait

  • The day the music died: COVID-19 kills one of Seoul’s oldest underground music venues

  • News in pictures: Amazon creates thousands of jobs in India, Airbus probe, Germany debt, gut microbe and cancer, ‘whole system raped Hathras victim’, UK economy…

###

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.

Click Here: New Zealand rugby store

Leave A Comment

Leave a Reply

Your email address will not be published. Required fields are marked *