Cabinet’s property, car parking initiatives to attract quality investments: Al-Qasabi

The Saudi Cabinet’s decision to launch two initiatives, namely joint investment agreements in lands and creation of car parking management in partnership with private sector, will contribute in creating a conducive environment that will attract quality capital investments, according to Minister of Commerce and Investment, Majid Al-Qasabi.

“This will positively improve the quality of life in Saudi cities,” Al-Qasabi wrote on his official Twitter account.

He also noted that the decision to waive fees imposed on expats working in industrial facilities for a period of five years, is a growth catalyst for private sector and will help achieve Vision 2030.

The Saudi cabinet has approved an initiative of establishing and managing car parking in the locations specified by the supervisory committee for the privatization in the municipal sector in Riyadh, on an experimental basis, in the first phase.

It also endorsed launching the initiative of joint land investment agreements in partnership with the private sector in accordance with the revenue sharing model.

The cabinet also announced that the state will temporarily cover the cost of the fees for expats working in licensed industrial companies for five years.