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Municipality Ministry: Extending leases supports project sustainability
The Ministry of Municipalities and Housing has confirmed that early extension of lease contracts for investment projects, which allows for contract renewal after half of its term has passed, enhances the sustainability of these projects and enables investors to plan for development and expansion phases. This extension helps attract significant investments, improve the efficiency of municipal asset management, and aims to support the growth of existing projects and the development of the investment environment. The regulations include large projects established before the amendment of the Real Estate Disposal Regulations, and seek to strike a balance between protecting the rights of municipalities and empowering investors. This is achieved through specific criteria that organize the extension mechanism, with the goal of attracting the private sector and improving projects and services within cities.
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