KUWAIT CITY: The Minister of Finance and Minister of State for Economic Affairs and Investment Abdul Wahab Rasheed issued a new ministerial decision for regulating the procedures to renew the leases of state and private real estate properties, reports Al-Qabas daily.
The procedures are stipulated within the following terms:
First: The procedures required for a tenant wishing to renew:
1.Submit a written request to the ministry’s State Property Affairs Department, expressing the wish to renew the contract one year before the end of its term, and attach with it the development plan for the project subject to the original contract.
2. Submit a technical report from a concerned government agency to indicate the structural safety of the facilities and buildings of the project.
3. Submit the financial and technical data of the project.
4. Submit a letter from Kuwait Municipality stating that there are no violations.
5. Submit a detailed report on all the problems it faced during the previous decade and put forward appropriate solutions and proposals so as not to repeat them in the future.
6. Submitting a written declaration that there are no cases filed against the Ministry regarding the original contract to be renewed.
Second: The procedures to be observed by the concerned department for state property affairs:
1. Ensure the availability of the terms and conditions stipulated in article 17 of the aforementioned decree law No. 105/1980, and article 30 of Resolution No. 22/1995 referred to.
2. Make sure with the Legal Affairs Department that there are no cases filed between the investor and the ministry.
3. List and take inventory of all facilities, buildings, equipment, and all assets of the project, as they have all been transferred to the ownership of the state, to be before the committee concerned with determining rental values when renewing the contract.
The decision stressed the need for the department concerned with state property affairs, after verifying the completion of the previous procedures, to prepare a detailed report on the subject of renewal, in which it should express its opinion on this request, along with an explanation for the reason behind its rejection or justifications for its acceptance. This report shall be presented to the State Private Real Estate Affairs Committee for study, and its recommendations must be submitted to the Minister of Finance to take the appropriate decision.
© 2022 Arab Times Kuwait English Daily. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).