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The Ministry of Finance (MoF) has begun to form a group of specialised federal property management committees across each federal entity in a bid to monitor the performance of property rental committees and present its reports to the Cabinet.
The move comes after the Cabinet’s decision to implement the Policies and Procedures Manual for Federal Property Leases, which is also authorised to make any necessary adjustments or amendments to the manual.
This manual will replace all previously issued decisions regarding property rental systems in federal government entities, and will act as an essential reference for all ministries and federal entities, the ministry stated.
''The Policies and Procedures Manual for Federal Property Leases is designed to provide equality and uniformity among investors, and allow SMEs to take advantage of investment opportunities available in the federal government,'' Mariam Mohammad Al Amiri, Assistant Undersecretary for the Management of Financial Resources at MoF, said in a statement.
The committee will serve as a liaison between local governments and the federal government for property grants and withdrawals in cooperation with relevant bodies. It provides a framework for leasing operations such as price planning, leasing policies and procedures, rent collections, contract issuance and renewals, delivering possession of rental properties, late payment procedures, contract terminations, tenant relationship management, property maintenance and the insurance of federal properties.
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Source: Staff Report, gulfnews.com