Saudi real estate stocks climb after Cabinet endorses foreign ownership
The Real Estate Management and Development Company's index recorded the highest gain in the past 11 sessions.
Umm Al Qura for Development and Construction Company (Masar), Saudi Real Estate Company (Al Akaria) and Retal Urban Development Company rose between 7 percent and 9 percent.
Jabal Omar Development Company, Dar Alarkan Real Estate Development Company, Emaar The Economic City rose between 2 percent and 4 percent.
The new law will be effective in January 2026, Saudi Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail said.
According to the updated law, the Real Estate General Authority is responsible for proposing the geographic area within which non-Saudis may own real estate or acquire other property rights, Saudi Gazette newspaper reported.
The minister has previously stated that the real estate sector has attracted investments of nearly 900 billion Saudi riyals since the launch of Vision 2030, as reported by Al Sharq Business.
In December 2024, Zawya Projects had reported that PIF-owned developer ROSHN is looking to expand its digital capabilities to enable sales outside the Kingdom and to non-Saudi residents in 2025.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
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