Al-Jadaan: The Updated Expropriation Law Ensures Fair Compensation and Public Fund Preservation
In a recent announcement, Minister of Finance and Chairman of the State Properties General Authority (SPGA), Mohammed Al-Jadaan, unveiled the new Law of Expropriation of Real Estate for Public Benefit and Temporary Taking of Property. This law, which was approved by the Council of Ministers, aims to revolutionize the process of expropriation in Saudi Arabia.
Al-Jadaan emphasized that the updated law is designed to guarantee fair compensation for property owners while also safeguarding public funds and supporting sustainable development. This marks a significant step forward in aligning Saudi Arabia with its ambitious goals outlined in the Saudi Vision 2030.
With this new legislation in place, property owners can rest assured that their rights will be protected in the event of expropriation for public projects. The law emphasizes the importance of transparency and fairness in the process, ensuring that property owners are justly compensated for their land.
Al-Jadaan’s commitment to upholding the rights of property owners and preserving public funds sets a positive precedent for future development projects in the Kingdom. The updated Expropriation Law is a testament to Saudi Arabia’s dedication to progress and prosperity for all its citizens.
