Saudi Arabia obligates government agencies to disclose overseas property holdings

      Published on Monday, 24 August , 2020      1189 Views     
Saudi Arabia obligates government agencies to disclose overseas property holdings

  • Gulf News

Saudi authorities have directed government agencies holding overseas properties to submit renting or ownership documents to the Saudi Property Authority

The move came after the authority, which is tasked with protecting the government’s overseas holdings against any theft, misuse or misappropriation, found a number of holdings that are not logged in its records.

The authority has reminded all government agencies it must have ready access to these properties and resources, stressing the need to coordinate with it and obtain prior approval before they rent any property whose annual rent exceeds SR200,000.

The authority also reiterated the need to adhere to the Saudi rental system for real estate, that government agencies are not allowed to rent any property except for an urgent need, and for the lease to take place in light of the government needs, and for the space to be commensurate with that need.

Governor of the General Authority for State Real Estate, Ihssan Bafiqih, confirmed the authority is working hard to provide smart real estate solutions and implement energy efficiency and sustainability standards, in addition to promoting the optimal use of real estate according to actual need, which contributes to raising the efficiency of spending, reducing the government agencies’ rental budget for real estate and protecting public funds.

Category Gulf News, Saudi News | 2020/08/24 latest update at 9:10 PM
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