(MENAFN- Arab Times) KUWAIT CITY, Sept 5: Ministry of Finance has agreed on the renewal of contracts of sites of private schools, as those contracts had expired. In a letter addressed to Undersecretary of Ministry of Education, it was stated that the Ministry of Finance had issued its decision based on the minutes of the meeting held concerning the real-estate issue by the Committee of State Property Affairs last March.
It set the period of the contracts at 20 years and added a provision which stipulates that the period of the contracts is linked to the intactness of the building and that constructional inspections will be held every five years based on rules and regulations.
The ministry revealed that it is in the process of preparing new contracts for those schools before submitting the same to regulatory bodies for approval. In a related development, the ministry is preparing to renew a series of licenses for institutions and companies whose contracts expired or will expire this year.
In addition, the ministry has amended the real-estate lease system and service fees in line with the ministerial measures to provide additional income to State Treasury and compensate for the huge deficit. The ministry has activated new fees in the lease agreements on state properties.
By Rabab Al-Jowhari Al-Seyassah Staff
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