“Municipalities” adopt controls for early extension of lease contracts for investment projects
The Ministry of Municipalities and Housing has approved the controls for early extension of lease contracts for large investment projects concluded before the entry into force of The Ministrythat the controls come within the framework of its efforts to enhance municipal investment, by enabling investors to extend their lease contracts during their validity period, continue developing and expanding their projects, and adding quality investments, which contributes to raising the efficiency of investment of municipal assets and real estate, maximizing their use, and supporting urban development goals.
She added that the controls contribute to creating a more attractive and stable investment environment, and encourage investors to develop existing projects and raise their efficiency, in a way that enhances The competitiveness of municipal investment, supports the growth of the private sector, and contributes to improving the quality of facilities and services, which is reflected in the quality of life in cities and governorates.
Investment Lease Contracts
The Ministry confirmed that the controls regulate the mechanism for extending investment lease contracts during their validity period for the included projects, according to a governance framework that balances preserving the rights of municipal entities and enabling investors to continue investment and development, in a way that enhances partnership with the private sector, achieves development goals, and raises the economic value of municipal assets.
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