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Arabian Business
7 hours ago
- Arabian Business
Saudi Arabia approves digital ID use for non-resident foreigners to own property
Saudi Arabia's Cabinet has approved the use of a digital identity system to allow non-Saudi, non-resident foreigners to own property in the Kingdom, the government said, as part of new rules opening up the real estate market. The decision enables digital IDs to be used ahead of the implementation of the Non-Saudi Real Estate Ownership Law, which was approved in July and will take effect in January 2026, according to a Cabinet resolution published on Friday. Mechanisms under development The General Real Estate Authority will coordinate with the Ministry of Interior, the Saudi Data and Artificial Intelligence Authority (SDAIA), the National Information Center and other relevant bodies to develop mechanisms for activating the digital ID. The Cabinet resolution said the identity must be operational before the property ownership law comes into force. The approval also endorsed a decision by the Strategic Committee of the Council of Economic and Development Affairs on governance for non-Saudi ownership and usufruct rights. A dedicated committee will be formed within the General Real Estate Authority's board of directors to oversee those matters. The Cabinet amended the structure of the authority's board, which will now be headed by the Minister and include the CEO, representatives from 10 ministries and government entities, and three private-sector members appointed by the Council of Ministers for renewable three-year terms. The ministries represented include Interior, Municipalities and Housing, Finance, Justice, Economy and Planning, Investment, Environment, Industry and Mineral Resources, as well as the General Authority for State Properties and the General Authority for Survey and Geospatial Information. Steps required for non-residents In July, the General Real Estate Authority released a draft of the law's executive regulations. Under the draft, non-resident foreigners seeking to own or use property in the Kingdom would need to obtain and activate a digital ID through the Absher platform, open a Saudi bank account, and secure a local contact number. The authority has said these measures are designed to ensure transparency and compliance in the property registration process as Saudi Arabia seeks to attract more foreign investment into its real estate sector. The Cabinet's approval on Friday follows Resolution No. 16 of the Council of Ministers, which reviewed recommendations from the Council of Economic and Development Affairs and several memoranda from the Board of Experts. The Non-Saudi Real Estate Ownership Law is part of the Kingdom's broader economic reform programme under Vision 2030, which aims to diversify income sources, attract foreign investment, and develop sectors such as tourism and real estate.


Sharjah 24
a day ago
- Sharjah 24
SEWA obtains ISO 27001:2022 certification for data security
Ensuring the highest levels of data protection and confidentiality Majid Issa Hureimel Al Shamsi, Executive Director of Corporate Support, explained that SEWA is committed to continuously developing and improving its information security systems to ensure the highest levels of data protection and confidentiality, and to providing a safe and reliable digital environment for all its customers. Hureimel pointed out that obtaining the ISO 27001 certification is not merely a technical achievement, but rather a reflection of the corporate culture that places the utmost importance on security, reliability, and providing a sustainable environment for customers, partners, and employees. This achievement is an important step towards realising SEWA's vision of providing high-quality services to the residents of the Emirate of Sharjah. Keeping pace with the latest global practices Engineer Asma Al Hosani, Head of Governance, Risk Management and Compliance, emphasised that SEWA's acquisition of the certification is evidence of its commitment to implementing global best practices, protecting information assets, and adopting systems that enhance data protection and keep pace with developments in the field of information security in accordance with the latest global practices. This enhances the Authority's ability to confront growing cyber challenges, enhances user experience, and raises the level of institutional performance and business continuity.


Filipino Times
a day ago
- Filipino Times
Al Ain Court Orders Man to Repay Dh160,000 in Fake Investment Scheme
The Al Ain Civil, Commercial, and Administrative Cases Court has ruled against a man for duping another into a fraudulent investment, ordering him to repay Dh160,000 plus interest and legal costs. Court documents show the defendant convinced the plaintiff that he owned private companies and persuaded him to invest. Trusting the claims, the plaintiff handed over Dh150,000 in two instalments, supported by a signed receipt. However, the defendant failed to deliver on the investment, avoided communication, and later claimed the money had been lost. A court-appointed forensic accounting expert confirmed that the defendant acknowledged receiving the funds under an informal investment agreement but did not honour the partnership terms. The court ordered the defendant to repay the Dh150,000 principal, Dh20,000 in damages, and 12 per cent annual interest from the date of filing until full settlement, along with all court fees and expenses.