The General Authority for State Properties launched, at the beginning of this week, a draft amendment to the regulations for the disposal of state properties on the \u201cIstilaa\u201d platform, which aims to achieve the optimal utilization of state properties. The amendment defined the annual bid as the value of the annual rent stipulated in the contract for leasing or investing state properties. The Authority, after the approval of the governor, may extend the lease contract in cases that require extending the contract for the lessee until the completion of the procedures for re-tendering and awarding, provided that the extension does not exceed a total of one year.<\/p>\n
The amendment included adding the rental of properties whose deeds have been cancelled to the person in possession of the property for a period not exceeding one year, and it may be extended for one or more other periods not exceeding a total of 5 years, until the Council issues a decision on the final treatment of how to dispose of it.<\/p>\n
One of the anticipated amendments is the addition of \u00abpreventing the withdrawing establishment from entering into bids for a period of two years.\u00bb.<\/p>\n
One of the amended articles stipulated that if only one bid was submitted, or if several bids were submitted and it turned out that they did not conform to the bidding documents, except for one bid, then this bid may not be accepted unless its prices are similar to the prevailing market prices and after the governor\u2019s approval.<\/p>\n
The successful bidder must provide a final guarantee of 25% of the annual bid value within 15 working days from the date of notification of the award. The Authority may extend this period for a similar duration. If the bidder fails to provide a final guarantee within this period, the initial guarantee will not be returned, and negotiations will commence with the next highest bidder. The guarantee percentage may be increased. The final guarantee is not required in contracts and partnerships concluded by the Authority with government entities or companies in which the state owns more than 51% of the capital.<\/p>\n
14 days to retrieve bidding documents<\/strong><\/span><\/p>\n The amendments included that in the event of the cancellation of the auction, the bidders will be refunded the value of the auction documents and initial guarantees within 14 days from the date of the cancellation decision.<\/p>\n Also excluded are contracts for leasing state-owned properties for temporary purposes and contracts concluded for leasing state-owned properties to address an existing real estate investment situation, provided that the lease or investment contracts for state-owned properties are amended by supplementary addenda to achieve the public interest. This also includes contracts for the sale of properties whose deeds have been cancelled to their previous owners, after the Valuation Committee has assessed the rental value if the transaction is a lease, and the Investment Committee has assessed the rental value and investment returns if the transaction is an investment.<\/p>","protected":false},"excerpt":{"rendered":" Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>Earlier this week, the General Authority for State Real Estate posted draft amendments to the regulations governing the disposal of state real estate on the \u201cIsti\u2019lal,\u201d aimed at optimizing the use of state-owned real estate. The amendment defines the annual rent as the annual rental amount stipulated in the lease or investment contract for state-owned real estate, and the Authority may, with the governor\u2019s approval, extend the lease agreement in cases that warrant an extension \u2026 Read 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for temporary lease contracts<\/strong><\/span><\/h4>\n