The General Authority for State Properties revealed that the State Property Leasing System allows the government entity to complete a lease-to-own contract after obtaining the approval of the Authority and the Ministry of Finance.
The General Authority for State Properties revealed that
Flexibility in determining the duration of lease contracts
The Authority pointed out that the system has flexibility in determining the duration of lease contracts, which can be renewable for up to five years, up to 25 years subject to the approval of the Authority, and up to 50 years for properties built on government lands for which the Authority contracts with investors for investment projects, in addition to leasing one property to a number of government entities.
The Authority pointed out that the system has flexibility in determining the duration of lease contracts.
Preparing the executive regulations of the system
The Authority confirmed, in a statement, that work is underway to prepare the executive regulations of the State Real Estate Leasing System, which was approved at the Cabinet session, in preparation for its approval by the Authority's Board of Directors.Work is underway on the preparation of the executive regulations of the system. In a statement, the Authority explained that the State Property Leasing System replaces the State Property Leasing and Evacuation System and abolishes any conflicting provisions, noting that the system will become effective 180 days after its publication in the Official Gazette.
The Authority confirmed in a statement that work is underway to prepare the executive regulations of the State Property Leasing System, which was approved by the cabinet session, in preparation for its approval by the Board of Directors of the Authority.
Develop an annual plan
The system also obliges government agencies to develop an annual plan in coordination with the General Authority for State Real Estate for the process of leasing real estate before the beginning of each fiscal year, and publish it on its website or any other means, and the State Real Estate Authority indicated that the system is a qualitative leap that came in a developed and updated form to keep pace with the development requirements for the next stage, and enhances the governance and automation of leasing procedures with high transparency, and unifies the reference of regulation, supervision and control of state real estate, including the lease of real estate by the state.In addition to raising the efficiency of spending the financial costs of real estate leasing operations, contributing to rationalizing real estate spending by leasing at fair value according to market prices, providing flexibility in developing sustainable real estate and financial solutions, reducing leasing portfolio expenses, and increasing the utilization of leased real estate by government entities.
Raising the efficiency of spending financial costs
The Authority stated that the target parties of the system are ministries, public bodies and institutions and the like.
