In a significant move to enhance foreign investment, the Saudi Council of Ministers has approved the Executive Regulation of the Law of Real Estate Ownership by Non-Saudis. This decision, made during a Cabinet session chaired by King Salman in Jeddah, outlines the geographic areas where non-Saudis can own property, following the law's initial implementation in January 2023. The regulation allows foreign individuals and companies to acquire various types of real estate, including residential, commercial, agricultural, and industrial properties, contingent upon obtaining the necessary approvals from relevant authorities. Furthermore, foreign companies operating within the Kingdom can own real estate essential for their business operations, such as offices and warehouses, provided they possess an official license. This regulatory framework is poised to attract more international investors to the Saudi real estate market, aligning with the broader objectives of Saudi Vision 2030 to diversify the economy and enhance competitiveness on a global scale.
Source: Saudi Gazette
