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Eye of Dubai
Business & Money | Monday 24 August, 2020 9:35 am |
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Government entities required to disclose their properties abroad

The highest authorities in the Kingdom have instructed the government departments and agencies that have properties outside the Kingdom to submit documents related to them to the State Properties General Authority.

The properties include both owned and leased ones irrespective of whether they are occupied or not. The directive was issued after noticing the existence of real estates located outside the Kingdom and they are supervised by a number of government agencies while the authority does not have any knowledge of it.

It is noteworthy that the authority has recently stressed the need for all government agencies to coordinate with it and obtain its approval before renting any property of which the annual rent exceeds an amount of SR200000.

It also underlined the need to adhere to the provisions of the Saudi Property Rental and Eviction Law. The authority emphasized not to rent properties by government agencies except when there is an urgent need for it, and that the rental is in light of what the government agencies need and that the space is proportional to that of the need.

Meanwhile, Ihsan Bafakih, governor of the authority, underscored that the authority is working hard to provide smart real estate solutions as well as to implement energy efficiency and sustainability standards.

The authority also strives to promote the optimal use of real estates according to the actual need, which contributes to raising the efficiency of spending and reducing the budget for renting properties for government agencies and thus avoid wasting the public money.

Bafakih said that if the real estate leasing is within the limits of the state’s law of renting property and evacuating it, the concerned minister has the right to approve the lease decision after completing the procedures stipulated in this law and concluding the rental contract.

The minister can also delegate his powers in this regard to whomever he authorizes or to the head of the independent authority or his delegate.

If the required rent for the proposed property is in excess of the percentages stipulated in the law, the government entity must inform the Ministry of Finance and the State Real Estate General Authority about this, he added.

 

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