Saudi Arabia is planning to allow foreigners to buy residential and business properties, including in the holy cities of Makkah and Medinah.
Arab News reports that a new law which will allow foreigners to buy all kinds of real estate properties is “in its final stages and will be made public in a short period,” according to the Kingdom’s Real Estate General Authority chief Abdullah Alhammad.
This comes after Saudi Arabia issued a directive in 2021 allowing non-Saudi, legal residents of the country to buy a single property with some conditions.
But the REGA CEO pointed out that the new law will be “broader and more comprehensive than the current law” for real estate ownership, as foreigners will be able to buy any kind of property including commercial, residential, and agricultural in accordance with the regulations.
Alhammad said” “The initial reading of the law shows that it allows foreigners to own property everywhere in the Kingdom, including Makkah and Madinah.”
Saudi Arabia has been actively striving to attract foreign investment as part of its Vision 2030 initiative, aimed at diversifying its economy away from oil dependency.
To achieve this, the Saudi government has introduced a series of economic reforms, such as easing visa restrictions, implementing regulatory changes, and offering incentives to foreign investors.
Subscribe to our newsletter and stay updated on the latest news and updates from around the Muslim world!
One of the key initiatives is the creation of Special Economic Zones (SEZs) like NEOM, a futuristic city, and KAEC, a major maritime hub, which provide unique investment opportunities and streamlined regulatory frameworks.
Additionally, the government has been pursuing large-scale privatization of state assets, including energy company Aramco and various sectors like healthcare, education and infrastructure. These privatisation efforts also offer foreign investors a stake in key sectors of the Saudi economy.
