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

Saudi King Salman Ibn Abd-Alaziz and Crown Prince Mohamed Ibn Salman agreed to exempt investors from payments amounting to 25% of rental value of municipal contracts this year, the equivalent of three-month salaries, according to Majed Al-Hoqail, the minister of housing and acting minister of municipal and rural affairs.

“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,” Okaz newspaper quoted him as saying.

The decision will help over 50,000 facilities cope with the economic effects of coronavirus by relieving them off payments amounting to over Riyal570mln, the newspaper added.