Kuwait issues new decision on renewal of leases of state and private properties

Kuwait issues new decision on renewal of leases of state and private properties

KUWAIT CITY: The Minister of Finance and Minister of State for Economic Affairs and Investment Abdul Wahab Rasheed issued a new ministerial decision for regulating the procedures to renew the leases of state and private real estate properties, reports Al-Qabas daily.

The procedures are stipulated within the following terms:

First: The procedures required for a tenant wishing to renew:

1.Submit a written request to the ministry’s State Property Affairs Department, expressing the wish to renew the contract one year before the end of its term, and attach with it the development plan for the project subject to the original contract.

2. Submit a technical report from a concerned government agency to indicate the structural safety of the facilities and buildings of the project.

3. Submit the financial and technical data of the project.

4. Submit a letter from Kuwait Municipality stating that there are no violations.

5. Submit a detailed report on all the problems it faced during the previous decade and put forward appropriate solutions and proposals so as not to repeat them in the future.

6. Submitting a written declaration that there are no cases filed against the Ministry regarding the original contract to be renewed.

Second: The procedures to be observed by the concerned department for