Foreigner real estate ownership rules a boost for investment, say ministers after Cabinet approval

RIYADH: New regulations governing non-Saudi ownership of real estate will boost business expansion and competitiveness of the Kingdom’s investment environment, ministers have said. The changes, including the geographical zones for non-Saudi real estate ownership, were approved by the Cabinet — chaired by Custodian of the Two Holy Mosques King Salman bin Abdulaziz — on June 23. The move comes as Saudi Arabia’s real estate sector is experiencing rapid growth, underpinned by the Kingdom’s Vision 2030 economic transformation agenda.

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