The Ministry of Municipal and Rural Affairs has announced a project to modernize the municipal real estate regulations, to take into consideration the concept of municipal investment and to expand it to include real estate and municipal services and all investment opportunities, to reach sustainable cities, raise life quality in cities and to achieve targets of Kingdom’s Vision 2030.
Through this project, MOMRA seeks to reduce the dependence on municipal aids, to develop municipalities financial resources and investments, and the move to achieve the vision of the Kingdom 2030, to transform from a Revenue - generating economy to be a productive one, based on the changes and developments in many concepts of municipal sector investment and formations, diversification of investment opportunities, increasing the participation of the private sector in municipal activities investment types, and the emergence of practical difficulties in various aspects of investment. In addition, the ministry aims to proceed in parallel with the National transformation program 2020 and its initiatives, emanating from the vision of the Kingdom 2030, which focuses on the objectives of raising the quality of life in cities and sustainability of its resources.
The Ministry believes that municipalities and sub-municipalities are ready in terms of composition, structure, legal personality, financial and administrative independence and independent financial resources - to exercise the legal role of disposing of their funds, collecting their revenues, enhancing the participation of private sector, and making use of its capabilities and expertise, to achieve the required results for the development of municipal services, improving their quality and reducing its costs.
MOMRA looks forward to benefit from the focus of the municipal property management system on the general investment frameworks, and not restricting it by detailed provisions, procedures and restrictions, through referring to the Municipal Real Estate Disposal Regulations to cover the detailed provisions that will enhance municipal investment.