Saudi Arabia waives off 25% of municipal property rents for three months

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In a relief measure for investors, Saudi Arabia has waived 25 percent of the municipal property rents for a period of three months.

The decision will help over 50,000 facilities deal with the economic effects of coronavirus by relieving them off payments amounting to over $151.9 million, the report added.

Majed Al-Hoqail, the minister of housing and acting minister of municipal and rural affairs, said that the approval was granted by the highest authorities to exempt investors from paying 25 percent of the rental value of municipal real estate contracts for this year.

“This generous approval comes as part of the unlimited support being provided by the state to mitigate the effects of the coronavirus pandemic on the private sector and to protect investors from defaulting in order to ensure the sustainability of projects,” the Saudi Press Agency reported quoting him as saying.

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