Saudi unveils Coronavirus measures for Jubail investors

They include land lease incentives

  
Image used for illustrative purpose. Industrial worker cutting metal with many sharp sparks

Image used for illustrative purpose. Industrial worker cutting metal with many sharp sparks

Getty Images/ std

Saudi Arabia has taken a series of measures to ease the negative effects of coronavirus on investors in its eastern industrial port of Jubail, a newspaper in the largest Arab economy reported on Sunday.

One of the moves by the Royal Commission for Jubail includes extension of land lease for one year without any rent increase, Okaz Arabic language daily said.

"We have launched six initiatives to ease the negative impact of Corona pandemic on investors in the industrial and commercial sectors in Jubail," the paper said, quoting the Commission's CEO Mustafa Al-Mahdi.

Apart from the lease incentive, the Commission also decided to postpone any measures against investors who fail to start projects on time.

"We have decided to give those investors until the end of 2020 so they can sort out their problems with the exception of those wishing to end the contract," Mustafa said.

His figures showed Jubail has attracted investment applications worth around 29 billion Saudi riyals ($7.7 billion) in the first quarter of 2020.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© Thomson Reuters Projects News 2020