News Municipilaty News

Exempting investors ...

Exempting investors from paying 75% of the wages of municipal real estate contracts - Wednesday, 04 Shaaban 1442

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الخميس, 05 شعبان 1442



The Minister of Municipal and Rural Affairs, Majed Al-Hogail, explained that the Custodian of the Two Holy Mosques approved the exemption of investors in the secretariats of the Holy Capital and Medina from the rent of municipal real estate by 75% instead of 25% for one year, to contribute to mitigating the impact of the Corona pandemic on investors.

The state bears the exemption percentage for investors with the aim of easing investors, providing cash flows for them, providing an attractive environment for investment with the municipal sector and protecting the jobs of Saudis in the private sector. Insurance and those similar in activity, and companies operating telecommunications, private and foreign schools, universities, food and supplies central markets.

The vesting period will be from March 1, 2020 to February 28, 2021.