Saudi Arabia's crown prince freezes rents in Riyadh for 5 years after prices rapidly rose
RIYADH, Saudi Arabia — Saudi Arabia's powerful crown prince on Thursday ordered rental prices on commercial and residential properties in the kingdom's capital, Riyadh, to be frozen for five years.
The decision by Crown Prince Mohammed bin Salman comes as rental prices have rapidly risen in Riyadh after the coronavirus pandemic and as the kingdom pushes through major development projects.
Under rules announced by the kingdom's state media, violators may face fines of up to a year of rent for the property and additional compensation for tenants. Whistleblowers can receive up to 20% of collected fines.
Sarra Sounds Off, Ep.16: From Island to island, how football helped overcome tragedy Newsday's Gregg Sarra talks to Carey football player James McGrath about how he has persevered after losing his parents at a young age, and to the Lahainaluna (Hawaii) High School football coach about how his team persevered after the Maui wildfires of 2023, plus a behind-the-scenes look at the All-Long Island teams photo shoot.
Sarra Sounds Off, Ep.16: From Island to island, how football helped overcome tragedy Newsday's Gregg Sarra talks to Carey football player James McGrath about how he has persevered after losing his parents at a young age, and to the Lahainaluna (Hawaii) High School football coach about how his team persevered after the Maui wildfires of 2023, plus a behind-the-scenes look at the All-Long Island teams photo shoot.
