Saudi SPGA aims to cut rental portfolio to 20% in 2020

The authority has 20,000 leased sites for the state

  

Riyadh – Saudi Arabia's State Properties General Authority (SPGA) aims to reduce the rental portfolio to 20% this year and seeks to collaborate with the private sector to build government sites using the BOT method, SPGA’s governor, Ihsan Bafakih, recently revealed to CNBC Arabia.

The authority has 20,000 leased sites for the state. Moreover, it has set lease criteria and merged some government bodies in one site for better optimisation, added Bafakih.

He further noted that there is a change in the systems allowing the kingdom to offer similar opportunities to the private sector.

The GCC nation owns spatial land plots in key places in cities that reduce the burden on investors to buy land to build a government site; hence, the private sector can utilise it to build facilities.

The SPGA has unused lands areas spanning 800 million square meters, Bafakih concluded.

Source: Mubasher

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