The General Authority for State Properties revealed its intention to construct new government buildings according to the best international standards, by transforming the “rental portfolio” of rented government buildings worth more than 4.5 billion riyals.

In press statements, Fahad bin Hussein bin Mushait, Deputy Governor of the General Authority for State Properties for Investment and Business Development, confirmed that the Authority is working in partnership with the private sector to transform this investment portfolio into new government buildings to meet government needs, through the private sector building new government buildings in exchange for paying them the rental value annually for a period of up to 20 years.

Fahad bin Hussein bin Mushait, Deputy Governor of the General Authority for State Properties for Investment and Business Development, said in press statements. Bin Mushait added that the state currently spends about 4.5 billion riyals on rented government buildings, some of which are dilapidated, from this point of view, it is working to convert this rental value into new buildings “rent ending with ownership of the state,” indicating that this step contributes to creating buildings with the best standards, optimal utilization of energy and spending efficiency and with engineering and architectural forms worthy of government agencies.

Bin Mushait added that this step contributes to creating buildings with the best standards and optimal utilization of energy and spending efficiency and with engineering and architectural forms worthy of government agencies.