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Saudi Arabia amends law to boost foreign investment in real estate
The proposed changes aim to increase competition within the sector
Saudi Arabia has amended its investment and real estate laws with the aim of boosting foreign investment in the Kingdom's properties.
The amendments were introduced with the aim of improving regulations related to the ownership or use of real estate by non-Saudis who enjoy a natural and legal capacity, according to local media reports.
The law also embodies the use of properties in economic zones targeted for development, including Makkah and Madinah.
The implementation of the amendments to the law does not affect the right of ownership through inheritance. Further, the amendments are not applicable to royal orders that prevent ownership in some locations, as well as regulations and decisions issued by the Council of Ministers.
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While announcing the amendments to the law in a statement online, the Saudi Ministry of Investment invited the public to offer feedback about the proposed changes until May 18.
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