Saudi Arabia approves new law, new privatization law stipulates that agreement will not last more than 30 years, News
Makkah Mukkarmah (News Hub update news) Makkah and Madinah are the holiest places for Muslims.
Pakistanis also want to have the opportunity to live in these holy cities and be blessed to be buried here.
One piece of news in this regard is that the new privatization law in Saudi Arabia, which was recently approved by the Saudi cabinet, allows foreign investors to rent immovable property within the cities of Makkah and Madinah.
According to News Hub, under the privatization law, foreign investors can rent real estate in Makkah and Medina, provided they comply with all the guidelines in the agreement with the relevant institutions.
The purpose of renting real estate should be to fulfill the objectives of the privatization plan.
Section 37 of the Privatization Act stipulates that a foreign investor's contract will be terminated for violating the terms.
The procedure will be that he will be given a notice of violation by the concerned institution first. If the tenant does not make the correction within the stipulated period, the contract will expire after the stipulated period.
It is to be noted that the companies signing the privatization agreement are prohibited from fully or partially withdrawing from the partnership agreement with the other party without the written approval of the concerned agency.
The Privatisation Act also stipulates that the duration of an agreement between the public and private entity shall not exceed 30 years from the date of signing, however, on the recommendation of the concerned entity, the partnership may be extended for more than 30 years.
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