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The privatization system, which was recently approved by the Council of Ministers, allowed the foreign investor to rent real estate within the borders of the cities of Mecca and Medina.
The system allows the foreign investor to rent real estate, provided that the investor uses the property for the purpose of implementing the objectives of the privatization project, and adheres to all the instructions of the contract concluded with executive authorities.
Article (37) of the privatization system stipulates that the termination of the rental contract for the foreign investor takes place in case of violation of the previous conditions, since he is first informed of its violation by the executive power. to remove it, and if the specified time elapses without removing the violation, the rental agreement with him expires.
It should be noted that the privatization system prohibits private establishments which have signed a privatization contract from assigning the partnership contract in whole or in part to others, except after having obtained the written approval of the executive authority, and stipulating also that the duration of the partnership between the public and the private sector does not exceed 30 years from the date of signature, with the authorization to exceed this period on the recommendation of the executive authority.
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