Investment options in Umm Slal central market announced

This article was originally published on this site

The Permanent Committee for Central Markets Management of the Ministry of Commerce and Industry (MoCI), in co-ordination with the Aswaq for Food Facilities Management Company, a Hassad subsidiary, announced the offering of investment opportunities to rent out stores in the second phase in the central fish market in Umm Slal.
The second phase includes 53 investment opportunities, such as barns for display and sale of sheep, and stores for selling vegetables and fruits, in addition to the existing stores of similar activities.
It also includes butcheries, selling of travel supplies, and chilled poultry and their products, in addition to the availability of a veterinary clinic and pharmacy to serve owners of the barns, and shops for various commercial activities such as the trade of dates and spices, and other commercial activities.
MoCI said that it has worked, in co-ordination with the Aswaq for Food Facilities Management Company, to achieve great benefit for tenants and consumers by setting up a mechanism that allows the tenant to obtain good investment, by granting him an adequate rental price while adhering to some conditions that will maintain the continuity of the new central markets and their success, and at the same time providing opportunity for the consumer to obtain his basic needs of goods and services at competitive prices.
MoCI has set operating standards for determining the value of rents for commercial activities in the market, and for the lease period to be two years which is  renewable for a similar period, and to provide a guaranteed cheque for one month’s rent and 24 cheques in the name of Aswaq for Food Facilities Management Company.  Also set is the ability to offer products permanently, the commercial activity recorded in the commercial registry in line with the activity for which it is submitted, and that the trader has experience in the activity.
The ministry clarified the documents and requirements to apply for obtaining investment opportunities, include submitting a copy of a valid commercial register, a copy of a valid commercial license (if any), a copy of the establishment’s registration (if any), a copy of the identity card, and an experience of not less than two years of inactivity with submission of evidence.
MoCI indicated the steps for submitting applications to commence a commercial activity in the market, pointing out that the application could be submitted online via, through the link, which was activated yesterday and which will remain open until Oct 20. The draw will be conducted via video conferencing on Nov 5, with the results announced on Nov 8.
The ministry specified the tenants’ obligations of practising the designated activity within a month from the allocation date, and in the event of non-compliance, the shop would be referred to the first substitute winner, and if the substitute does not respond or is delayed for a month from the date of its notification, the shop would be referred to the second alternative winner.
The tenant must also fulfil the financial obligations on time specified in the contract, adhere to the provisions of the general regulations for the work of the market, and be committed to providing products on an ongoing basis at high quality, in addition to committing to public cleanliness, uniforms, work timings, not sub-leasing, and compliance with any other requirements or controls set by the market administration.