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Municipalities: Extending leases supports investment
The Ministry of Municipalities and Housing confirmed that early extension of rental contracts for investment projects enhances the sustainability of existing projects and supports their development and expansion. This is achieved by allowing contracts to be extended after halfway through their term, giving investors an opportunity to plan for new phases and expand their investments. The regulations cover large projects initiated before the updates to the Municipal Property Disposal Regulations and aim to strike a balance between the rights of municipalities and enabling investors to benefit from investment opportunities. This approach promotes a favorable local investment environment, strengthens partnerships with the private sector, and contributes to urban development, improved facilities, and enhanced services.
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