Latest news with #MajedAlHogail
Zawya
31-07-2025
- Business
- Zawya
Cityscape Global returns to Riyadh in November 2025
Saudi Arabia - Cityscape Global, will return to the Exhibition and Convention Centre in Malham, Riyadh, from 17 - 20 November 2025. Held under the theme 'The Future of Urban Living', the event is sponsored by the Ministry of Municipalities and Housing (MOMAH) in partnership with the Real Estate General Authority (REGA), Vision 2030, the Housing Program, and organised by Tahaluf. This year, the world's largest real estate event will once again bring together over 172,000 participants across the whole real estate value chain - from developers and architects to institutional investors, technology providers, and policymakers. While Cityscape Global is renowned for showcasing the scale and ambition of Saudi Arabia's real estate transformation, it also has a global dimension, with more than 70 international developers and over 20,000 international attendees represented at last year's show. Notably, 2025 will also see the co-location of ESTAAD, Saudi Arabia's first platform dedicated to the entire international ecosystem behind stadiums, sports, and mega-event infrastructure. This year's edition, therefore, promises to be the largest and most impactful yet, featuring over 450 world-class exhibitors, 500 speakers, four curated conferences, and two VIP networking programmes for institutional investors and international developers. Majed Al-Hogail, Minister of Municipalities and Housing, stated: 'The 2025 edition of Cityscape Global, set to take place this November, represents a significant opportunity to forge new partnerships and strengthen collaboration as we pursue the ambitious objectives of Vision 2030. This exhibition plays a crucial role in supporting our efforts to develop integrated urban communities, improve the quality of life for citizens and residents, and drive sustainable economic growth. We welcome stakeholders from across the real estate value chain—both locally and globally—to join us in shaping the future of living, here in Saudi Arabia and beyond.' Faisal Al-khamissi, Chairman of the Saudi Federation for Cybersecurity, Programming and Drones and a founding partner of Tahaluf, said: "This year, we aim to leverage the outstanding successes achieved by Cityscape Global in its previous editions, particularly what was recorded in 2024 in terms of the value of transactions and the increase in global participation, with the total deals exceeding the value of $61 billion, and participating countries reaching 121; reflecting the growing global significance of this exhibition, which continues to establish its international presence as one of the most important platforms for conducting real estate business deals in this sector.' He emphasized the organizers' commitment to achieving further successes in the 2025 edition and providing more distinguished events to continue contributing to shaping the future of the global real estate sector, which enhances the Kingdom's leadership and its prominent role in leading developmental pathways across various sectors, hosting and organizing international conferences and major global events. This year, Cityscape Global will include: * Future of Living Summit Where decisions that shape smarter cities happen. Bringing together ministers, mayors, billion-dollar developers, and leading investors. The programme will provide an overview of federal strategies, reveal insights into the world's most ambitious developments, and explore the latest in AI, PropTech, and sustainable urban design. * DnA (Developers & Architects) Stage The DnA Stage is the premier platform connecting award-winning urban planners, top architecture firms, facility managers, and ESG experts with the region's leading developers. Focused on practical insights, the programme will define the DNA of cities through human-centric planning, sustainable retrofits, and advanced construction solutions. * Innovation Arena The Innovation Arena provides an opportunity for startups to showcase the latest tech innovations in real estate at the Cityscape Innovation Challenge and connect with the next wave of architects at the Future Leaders Hackathon. This stage will also provide up to date market information on homeownership and mortgages in Saudi Arabia. * ESTAAD ESTAAD co-located with Cityscape Global connects the entire sports and entertainment infrastructure ecosystem, providing an opportunity to gain insights from sports federations, expo organisers, Olympic committees, celebrity athletes, top architects, and venue operators. Cityscape Global to host world's real estate leaders Notable global real estate leaders speaking at Cityscape Global 2025 include: * Sally Capp, Former Mayor of Melbourne * Darren Bechtel, Founder & Managing Director Brick & Mortar Ventures – the largest ConTech VC globally * Stefano Boeri, Acclaimed Architect and Creator of Bosco Verticale * Mitchell Silver, Former New York City Parks Commissioner * Anil Erdem, Managing Director, BentallGreenOak In addition, November's event brings together world-class exhibitors, who will showcase their real estate and lifestyle projects to global investors, top industry influencers and decision-makers who are driving innovation and shaping the future of real estate. USA, China, India, UK, Italy, UAE, Qatar and Jordan make up just some of the international countries with real estate representation at this year's Cityscape Global. Brands such as Qatari Diar Real Estate Investment Company, Hovnanian Real Estate, BID 3D Models LLC, Jordan Gate for Real Estate, Commercial & Tourism Investment Co., Dongying Yiheng New Building Materials Co., Ltd., Iris Ceramica Group, JLL and Property Automate have also confirmed their attendance. Cityscape Global showcases Saudi Arabia's ambitious portfolio of giga and mega projects, highlighting the Kingdom's groundbreaking innovations and transformative urban development initiatives. Jerry Inzerillo, Group CEO, Diriyah Company, explained: 'Diriyah Company is building one of the world's most unique contemporary urban developments – The City of Earth. Our goal is to uplift the quality of life for over 100,000 residents, creating a hub for entertainment, education, and work. Offering residents and visitors iconic experiences such as the Royal Diriyah Opera House and numerous other hospitality, retail & entertainment assets. At Cityscape Global in 2024, we successfully launched the 'Signature Collection of The Ritz-Carlton Residences Diriyah' and the 'Raffles Residences Diriyah', which were extremely well received by the marketplace, and in 2025 we are looking to realize even more successes.' In addition, renowned developers such as Ajdan, Ajlan & Bros, Ajlan Riviera, Al Basateen, Al Majdiah, Al Othaim, Abdulrahman Saad AlRashed and Sons Co., Dar wa Emaar, Mohammed Al Habib, Osool, OSUS, Rafal, Retal, and Zood are committed Diamond Partners to Cityscape Global. They will showcase various cutting-edge projects, which are shaping the future of real estate innovation. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
The National
12-07-2025
- Business
- The National
What foreigners need to know about buying property in Saudi Arabia
Foreigners will be able to buy real estate in designated areas in Saudi Arabia from January 2026. Housing Minister Majed Al Hogail told the Saudi Gazette on Wednesday that 'ownership will be permitted within specific geographic areas − particularly in the cities of Riyadh and Jeddah − with special requirements for ownership in Makkah and Madinah'. In January, the kingdom allowed foreigners to invest in publicly listed local companies that own real estate in Makkah and Madinah. Saudi Arabia has taken several measures to boost its attractiveness as a global investment destination as part of its Vision 2030 plan to wean the economy off its dependency on oil revenues. Here's what you need to know about buying property in Saudi Arabia: Where can foreigners buy property in Saudi Arabia? Starting January 2026, international buyers will gain access to the Saudi real estate market within designated areas. While Riyadh and Jeddah are likely to be prioritised for foreign ownership, Makkah and Madinah will have specific conditions or restrictions. Not all areas will be open to foreign ownership. The Real Estate General Authority, the regulatory body for real estate in Saudi Arabia, will define the permitted zones and their conditions in the forthcoming executive regulations. 'The law includes geographic restrictions to maintain cultural, religious and regulatory sensitivities. These measures aim to balance international investment with national interests and community integrity,' says Amar Hussain, associate partner, research – Middle East, at real estate consultancy Knight Frank. The law is expected to permit ownership of various asset types, including residential and commercial properties and possibly agricultural land, subject to specific location-based conditions and oversight, Mr Hussain adds. Most of Saudi Arabia's future projects are in Riyadh and Jeddah as the kingdom prepares for the Fifa World Cup in 2034. In addition, the 2029 Asian Winter Games will be another opportunity to showcase the development work in the kingdom, according to Junaid Ansari, director of investment strategy and research at Kamco Invest. Who can buy under the new scheme? The new law is understood to include both foreign residents and non-resident foreigners, effectively opening the kingdom to a global investor base, Matthew Green, head of research at CBRE Mena, says. In other similar moves within the region − namely the UAE, Qatar and Oman − this has led to the start of a new real estate cycle and subsequent positive value growth in the preceding years, as 'improved ownership title, new regulations, bigger addressable market and wider source markets' help to transform the real estate landscape, he explains. Why buy in Saudi Arabia? The local demand is significant and there is an undersupply in the residential sector. Also, prices in Saudi Arabia are still broadly lower than similar property prices in the UAE, according to Mr Ansari. House prices in the designated international investment zones are likely to perform better, or grow faster than the rest of the market, where the rate of house price growth is likely to slow as domestic households move into longer holding patterns before they are able to transact, according to Faisal Durrani, head of research Mena at Knight Frank. Can foreigners buy property in the kingdom today? International buyers and investors are already able to access the property market in the kingdom under the property-ownership linked premium residency visa, which was launched in January 2024, Mr Durrani says. The conditions attached to this are a minimum spend of 4 million Saudi riyals ($1.1 million) and that the properties must be fully completed and mortgage-free, he informs. Separately, this January, laws were amended to permit international investors to access property markets in the holy cities of Makkah and Madinah through listed property development companies. 'In the wake of Vision 2030 and the subsequent giga project announcements, demand from international buyers for homes in the kingdom has been building on the sidelines,' Mr Durrani says. 'This demand is strongest among global Muslim high-net-worth individuals who are non-residential in the kingdom. In fact, 86 per cent of global Muslim HNWIs are keen to own a home in the kingdom, with the majority focused on the Makkah and Madinah.' Mr Green of CBRE says ownership in the kingdom is currently restricted to those participating in the premium residence scheme through licensed foreign developers and other indirect ownership vehicles, including real estate funds or through shares in a publicly listed company. What can you buy? The new law is expected to permit a broader scope for foreign ownership, with individual units and buildings across designated areas, Mr Green says. 'Opening the market up to international buyers and investors is something that has been long anticipated,' Mr Durrani says. This will facilitate greater international investment, while ensuring that Saudi nationals aspiring to own a home are not necessarily competing directly with global buyers Faisal Durrani, head of research Mena, Knight Frank 'This is an exceptionally positive move and will facilitate greater international investment in the real estate market, while ensuring that Saudi nationals aspiring to own a home are not necessarily competing directly with global buyers.' What hurdles are investors likely to face? The biggest hurdle would be the residency issue, but the kingdom is expected to ease the golden visa programme and other ways to attract talent and people, says Mr Ansari from Kamco Invest. 'Even the UAE opened its market very gradually. We believe the UAE's experience would also play a key role in drafting future residency rules,' he reckons. The executive regulations defining ownership procedures, eligibility and restrictions are still pending in the kingdom. 'It is highly likely that the Real Estate General Authority regulations will include updated terms and fees related to acquiring the new property title, and that some of the historical taxations may be amended to encourage foreign investors to enter the market,' CBRE's Mr Green says. 'However, preparations have already begun, with REGA now working to finalise the finer details of the law, including clarification on the designated areas, related restrictions, refinement of the registration process, and related fees.' However, the Saudi real estate market is still maturing, and processes may not be as streamlined as in neighbouring countries, according to Knight Frank. Will foreign ownership make house prices more unaffordable? The decision to allow international buyers access to real estate markets in the kingdom in specific investment zones is likely to be confined to the major giga projects, which will have the impact of creating a two-tiered market – one for international buyers and one for domestic buyers, says Harmen de Jong, regional partner – head of consulting at Knight Frank. As a result, prices within giga projects are likely to accelerate faster than the rest of the more mainstream market, he estimates. The acceleration of house prices in Saudi Arabia over the past five years has been 'exceptional', with prices for apartments in Riyadh, for instance, up by nearly 82 per cent since 2019. However, salaries have not risen by a commensurate level and affordability challenges have begun to emerge, according to Knight Frank. Mr Ansari from Kamco Invest also expects property supply to 'increase gradually' as regional and international real estate companies boost their presence in the kingdom, similar to the gradual growth recorded in the UAE and other GCC countries that opened their real estate sector. Is property tax levied in Saudi Arabia? Historically, Saudi Arabia has not imposed property taxes in the same way as some other countries, but this may change with the new regulations, according to Mr Hussain from Knight Frank. Detailed provisions regarding legal protections, rights of inheritance and dispute resolution mechanisms are not yet available. More clarity will come with the release of executive regulations, he adds. Saudi Arabia levies a 5 per cent real estate transaction tax, which is applied to the ownership transfer of an asset based on the property's sale value. This is normally paid by the seller in advance, CBRE's Mr Green says. However, there are multiple exceptions, such as for inheritance, when the transfer is to a first degree relative. Similarly for other government and special interest cases, the tax is sometimes exempted. 'There is also 15 per cent VAT, which is sometimes applied to the sale and lease of commercial properties (including office, retail and industrial properties), but residential properties are exempted,' he says. 'Other fees are also applied, including title deed registration, service connection fees, permitting fees, etc. 'Finally, there is a capital gains tax that can be applied on the sale of a business asset (real estate, shares, etc.) if it is traded for a profit over and above the original purchase value. The application of this tax can vary, with a 2.5 per cent zakat or 20 per cent tax on ordinary income. However, the CGT is not currently being applied to an individual buying or selling property.'
Gulf Insider
10-07-2025
- Business
- Gulf Insider
Expats To Soon Own Property In Saudi Arabia? Investors Cheer Landmark Move
In a game-changing move for global investors and expats, Saudi Arabia will allow non-nationals to buy property in designated zones starting January 2026, marking a major shift in the Kingdom's real estate landscape. The long-anticipated reform, approved by the Saudi Cabinet, is seen as part of the country's wider efforts to attract foreign investment, increase housing supply, and diversify its economy beyond oil. While full details are still being finalized, officials confirmed that non-Saudis will be permitted to own real estate in key cities like Riyadh and Jeddah, while ownership in Mecca and Medina will remain under special regulatory conditions. Investors with shareholding across major real estate firms benefitted, as stocks soared following the news. Retal Urban Development Co. and Saudi Real Estate Co. jumped over 5%, helping the Tadawul Real Estate Index hit its highest level since May. 'This move will likely have very positive and broad implications for multiple sectors in the kingdom, evaluate experts, with real estate developers, cement companies, and banks are all expected to benefit. The law is part of Saudi Arabia's broader real estate reform agenda, and was described by Majed Al Hogail, Minister of Municipal and Rural Affairs and Housing, as 'a step forward in stimulating foreign direct investment (FDI) and supporting sustainable growth.' The Real Estate General Authority will oversee the process, identifying areas eligible for foreign ownership and setting out rules, which are expected to be released for public feedback within 180 days on the government's 'Istitlaa' platform. These rules will outline: Who qualifies to own property How to apply and register purchases Geographic zones open to foreign ownership Conditions for ownership in sensitive areas like Mecca and Medina The new law is set to take effect in January 2026. Executive regulations detailing the 'where, who, and how' will be shared within six months. Authorities say the policy has been designed with safeguards to protect Saudi citizen interests while encouraging global investor participation. The move builds on earlier efforts to open up the property market. In fact, Saudi Arabia recently allowed foreign investors to own shares in real estate firms operating in the holy cities — a sign the kingdom has been laying the groundwork for this broader reform.
Arabian Business
09-07-2025
- Business
- Arabian Business
Saudi cabinet approves law on property ownership by non-citizens
The Saudi Arabian Cabinet, chaired by Crown Prince and Prime Minister Mohammed bin Salman, approved an updated law regulating property ownership by non-Saudis. The law aims to develop the real estate sector and encourage foreign direct investment. The new law permits ownership in the Holy Cities of Makkah and Madinah, albeit with special requirements, and comes into effect from January 2026. The cabinet decision mandates the Real Estate General Authority with the responsibility for proposing the areas within which non-Saudis may own real estate or acquire other property rights. The authority will publish the executive regulations of the law on the Istitaa public survey platform and seek viewpoints and suggestions of the public within 180 days of its publication in the official Umm Al-Qura Gazette. Majed Al-Hogail, Minister of Municipalities and Housing and Chairman of the Real Estate General Authority said the Cabinet's approval of the updated law will contribute to increasing real estate supply by attracting investors and real estate development companies to the Saudi market. Al-Hogail said: 'The law takes into account all economic and investment aspects, as ownership will be permitted within specific geographic areas, particularly in the cities of Riyadh and Jeddah, with special requirements for ownership in Makkah and Madinah.' Al-Hogail added that the updated law takes into account the interests of Saudi citizens by providing mechanisms that ensure market control and compliance with specific procedures aimed at achieving real estate balance. The regulations will specify the procedures for non-Saudis to acquire property rights, as well as the requirements for enforcing provisions of the law on non-Saudis. Acting Minister of Media Dr Essam bin Saeed said the new property law is part of a broader strategy to stimulate economic growth while maintaining social and market balance. The Cabinet also reviewed Saudi Arabia's contributions to global economic growth, reaffirming the Kingdom's commitment to multilateral cooperation and market stability. This includes continued coordination with oil producers within the OPEC+ alliance to support petroleum market balance.
Gulf Business
09-07-2025
- Business
- Gulf Business
Saudi's property ownership law for foreigners: What you need to know about it
Image credit: Getty Images The Saudi Cabinet, chaired by Crown Prince and Prime Minister Mohammed bin Salman, approved a new law regulating property ownership by non-Saudis during its weekly session on July 8. The landmark legislation is set to take effect in Read- The meeting began with the Crown Prince briefing cabinet members on his recent diplomatic engagements, including discussions with Indonesian President Prabowo Subianto and a phone call with German Chancellor Friedrich Merz. The cabinet praised the outcomes of the inaugural Saudi-Indonesian Supreme Coordination Council meeting, emphasizing strong bilateral relations and several signed agreements between private-sector players in both nations, The agreements span key sectors such as clean energy, petrochemicals, and aviation fuel services, aligning with the shared ambition to build an advanced economic partnership. New law aims to boost investment, ensure market balance Acting Minister of Media Dr Essam bin Saeed confirmed the Cabinet's decision in a statement to the Saudi Press Agency (SPA), highlighting that the new property law is part of a broader strategy to stimulate economic growth while maintaining social and market balance. Saudi Minister of Municipal and Rural Affairs and Housing, Majed Al Hogail, also Chairman of the Board of Directors of the Real Estate General Authority, praised the leadership for approving the updated legislation. He noted that it is an extension of ongoing reforms aimed at developing the real estate sector and attracting foreign direct investment. 'This law will help increase real estate supply by bringing in international investors and developers,' Al Hogail said. 'At the same time, it ensures market stability through controlled procedures and geographic restrictions.' The law outlines that property ownership for non-Saudis will be allowed in specific geographic areas, including Riyadh and Jeddah, while ownership in Makkah and Madinah will be subject to special conditions. These measures are designed to balance openness to investment with national and cultural considerations. Executive regulations, public consultation expected soon Under the law, the Real Estate General Authority is tasked with proposing the zones where non-Saudis may own property or acquire property rights. The executive regulations will be published on the Istitaa public consultation platform within 180 days of the law's publication in the official Umm Al Qura Gazette. The public will be invited to offer feedback and suggestions. These regulations will define the procedures for acquiring property, compliance mechanisms, and enforcement protocols. They will also detail how the law aligns with other statutes, including the Premium Residency Law and GCC agreements that govern real estate ownership for citizens of Gulf Cooperation Council states. The law explicitly integrates with existing frameworks that grant foreigners privileges to own property in Saudi Arabia, ensuring harmony across legal and regulatory platforms. Saudi highlights commitment to economic cooperation During the session, the cabinet reviewed Saudi Arabia's ongoing contributions to global economic growth, reaffirming its commitment to multilateral cooperation and market stability. This includes continued coordination with OPEC+ oil producers to support petroleum market balance. The cabinet also welcomed Riyadh's selection as the host city for the 21st General Conference of the United Nations Industrial Development Organization (UNIDO), scheduled for November. The event will bring together global stakeholders to address challenges in sustainable manufacturing, technological innovation, and industrial transformation. Digital safety, cybersecurity, and technology achievements recognised In other developments, the cabinet applauded the UN Human Rights Council's unanimous adoption of a Saudi-led resolution on protecting children in the digital space. The initiative stems from the 'Child Online Safety' campaign spearheaded by Crown Prince Mohammed bin Salman and reflects Saudi Arabia's growing leadership in cyber safety. The cabinet also celebrated the country's continued recognition in global cybersecurity, citing its top ranking in the 2025 World Competitiveness Yearbook. These achievements underscore Saudi Arabia's rapid digital transformation and efforts to localise technology, expand international partnerships, and strengthen digital infrastructure. Dr Essam noted that the country's first-place ranking in the 2025 International Telecommunication Union (ITU) ICT Development Index further reflects a thriving digital economy now valued at SAR495bn. The index ranks countries based on digital inclusion, infrastructure, and innovation. Additional cabinet decisions: Transport, health, and social development The cabinet approved several other key measures during the session, including: The updated National Transport and Logistics Strategy, supporting infrastructure expansion and trade facilitation. Approval of the organisational structure for the General Authority for Irrigation. Adoption of World Drowning Prevention Day, to be observed annually on July 25, as part of global public health awareness efforts. To support financially vulnerable citizens, the cabinet approved a directive for the Social Development Bank to launch a guarantee program. The initiative will enhance access to credit and financing for underserved groups, enabling economic participation and social mobility. Crackdown on narcotics trafficking Cabinet members also praised the recent progress in combating drug trafficking, citing successful operations targeting organised crime networks involved in narcotics distribution. These efforts are part of broader campaigns to enhance public health and safety across the country.
