Crown Prince Mohammed bin Salman, the Prime Minister of Saudi Arabia, has granted a 90-day extension to complete a study that would play a critical role in formulating new rules and regulations that would govern the landlord-tenant relationships in the Kingdom.
The study is crucial in ensuring fairness in rental transactions for all parties involved, protecting beneficiaries from any fluctuations, and maintaining an attractive and stimulating investment environment.
The Saudi Press Agency (SPA) said that the decision to extend the study was made following recommendations from the Real Estate General Authority, which is part of Saudi Arabia’s Ministry of Housing.
“This is also to complete the regulatory requirements for the proposed solutions and ensure their comprehensiveness across all residential, commercial, and office assets, in addition to completing all requirements to ensure a balance between the interests of all parties involved in the real estate sector,” the SPA added.
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