December 6th, 2023 Legal Updates

Issuance of Executive Regulations for Law No. 118 of 2023: Establishing Companies for Residential Development and Economic Growth

Minister Falih Al-Raqibah has announced the release of executive regulations for Law No. 118 of 2023, published on August 27, 2023, focusing on the establishment of companies for city and residential development. The regulations, outlined in Ministerial Resolution No. 138 of 2023, consist of 16 chapters and 84 legal articles, covering the entire process from project conceptualization to the formation of public joint-stock companies.

Effective immediately upon publication, the measures included within the executive regulations aim to translate the law into action, promoting collaboration with the private sector and launching projects to enhance housing welfare in line with the Cabinet’s developmental goals. The regulations also empower the central institution to execute projects and boost housing welfare units through partnerships with the private sector, addressing re-tendering procedures, building system regulations, and licensing.

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