The Ministry of Finance has granted United Real Estate Company a temporary license to manage, operate and maintain the Marina World waterfront project, Phase Five, in exchange for 4.176 million dinars in annual fee.
The ministry said the temporary license aims to ensure the uninterrupted operation of the state’s privately developed real estate projects while supporting revenue generation. The ministry explained that the arrangement will maintain continuity in the management, operation and maintenance of Marina World until the procedures to tender the project and award it through a public auction are completed.
The temporary license will remain in effect until the tendering and award process is finalized in accordance with Law No. 116 of 2014 on public-private partnerships.