Saudi Arabia gives rental relief to municipal space investors

King Salman and Crown Prince Mohammed bin Salman have approved a plan to exempt investors in municipal spaces about 25 percent of rental fees, state news agency SPA has reported.

The decision will help over 50,000 facilities deal with the economic effects of coronavirus by relieving them off payments amounting to over $151.9 million, the report added.

Minister of Municipal and Rural Affairs Majid bin Abdullah Al-Hogail thanked the two leaders.

“I extend my sincere gratitude for the Custodian of the Holy Mosques for issuing the generous approval to exempt investors with municipalities by 25% of the rent of municipal real estate this year to mitigate the effects of the coronavirus pandemic, which contributes to creating an attractive investment environment with the municipalities,” he tweeted.

Saudi Arabia announced a further drop of daily coronavirus cases on Sunday, as the number of total infections grew by 403 to 317,005.