The General Authority for State Real Estate has announced its intention to construct new government buildings in accordance with the highest international standards by transforming the “rental portfolio” of leased government buildings valued at over 4.5 billion riyals.

Fahd bin Hussein bin Mushaid, Deputy Governor of the General Authority for State Real Estate for Investment and Business Development, in press statements, that the Authority is working in partnership with the private sector to convert this investment portfolio into new government buildings to meet government needs, with the private sector constructing new government buildings in exchange for annual rental payments for a period of up to 20 years.

Bin Mushaid added that the state currently spends approximately 4.5 billion riyals on leased government buildings, some of which are dilapidated; from this perspective, it is working to convert this rental value into new buildings “lease-to-own arrangements for the government,” noting that this step contributes to the creation of buildings that meet the highest standards, optimize energy use, ensure efficient spending, and feature engineering and architectural designs befitting government agencies.