Latest news with #MajidbinAbdullahAlHogail
Arab News
10-07-2025
- Business
- Arab News
Saudi Arabia new property law opens real estate market to foreigners
MAKKAH: The Saudi Cabinet recently approved an updated system that will allow non-Saudis to own property in the Kingdom, effective from January 2026. Minister of Municipal and Rural Affairs and Housing Majid bin Abdullah Al-Hogail praised the leadership's support for the initiative, describing the updated framework as a natural progression of real estate reforms designed to stimulate sector growth and encourage foreign direct investment, which will increase property supply by drawing investors and development firms to Saudi markets, the Saudi Press Agency reported. The new regulations balance foreign investment opportunities with citizen protections through controlled market mechanisms and compliance procedures aimed at maintaining real estate equilibrium. Property ownership will be permitted in specific geographical zones, particularly Riyadh and Jeddah, while special conditions apply to ownership in Makkah and Madinah. The General Authority for Real Estate will identify which geographic areas are open to foreign ownership. Implementation guidelines will be published on the Istitlaa platform within 180 days of the law's publication in the official gazette, with full system activation scheduled for January 2026. The comprehensive regulations will outline acquisition procedures for foreign nationals, enforcement requirements, and detailed application processes that consider both economic and social implications across all sectors. The new system also aligns with the Premium Residency Programme, or Iqama, and the regulation of real estate ownership by Gulf Cooperation Council citizens, which permits cross-border property ownership for investment and residential purposes. Hamad Al-Shuwaier, chairman of the National Valuation Committee at the Saudi Chambers Federation, told Arab News that the Cabinet's approval signals strong support for real estate development initiatives. 'Foreign capital influx and international developer participation will enhance supply quality and market availability, creating the balanced marketplace we have been working toward,' said Al-Shuwaier, who also serves as the chairman of the Saudi-Qatari Business Council, noting the sector's role as an economic cornerstone supporting over 80 related industries. The Saudi market offers compelling investment fundamentals backed by adaptable regulations and profitable opportunities for domestic and international investors alike, positioning the Kingdom to capitalize on Vision 2030 momentum. Real estate specialist and certified marketer Badr Al-Sulaimani emphasized the strategic importance of utilizing Saudi Arabia's extensive territory, noting that current development covers just 0.36 percent of the Kingdom. 'These regulations demonstrate the government's commitment to maximizing natural and geographical assets to achieve Vision 2030 targets, while preparing infrastructure for major international events including Expo 2030 and the 2034 World Cup,' Al-Sulaimani explained. Real estate expert Fawaz Assiri highlighted the updated system's role in enhancing market attractiveness through increased foreign direct investment flows that will diversify property offerings and improve supply dynamics. Precise geographical boundaries and specialized requirements for holy cities, especially in Makkah and Madinah, ensure market stability while protecting citizen interests, he noted.
Trade Arabia
23-04-2025
- Business
- Trade Arabia
Global project management experts set for major Saudi forum
Leading global players in project management sector and other industry leaders will be in Riyadh next month for the Global Project Management Forum (GPMF), where they will explore how emerging technologies, agile practices, and human capital are reshaping the future of project delivery across sectors. One of the region's largest industry events, GPMF 2025, will run from May 17 to 19 under the theme 'Next-Gen Project Management: The Power of People, Processes and Technology.' Held under the patronage of Housing and Municipal Affairs Minister Majid bin Abdullah Al Hogail, the three-day show will draw over 13,000 participants including project management professionals, government officials and industry leaders. It is organized in partnership with the Ministry of Municipalities and Housing, Roads General Authority, and the Project Development Company. Set to be the largest and most transformative yet, the Forum aims to unite global visionaries, cutting-edge innovators, and strategic decision-makers for three days of insight, inspiration and innovation. More than 100 speakers from government, giga-projects, technology, and finance sector will at the event including Lee R. Lambert, the Co-founder of the PMP certification; Americo Pinto, the Managing Director of PMO Global Alliance at PMI; Alex Osterwalder, an author, speaker, consultant and entrepreneur in addition to former Austrian minister Margarete Schramboeck and Saudi Arabia's first female skydiver Razan Al Ajmmi. On the opening day of GPMF 2025, paid masterclasses will offer training in agile transformation, stakeholder management, project finance and other key areas aimed at building future-ready project capabilities. "It is more than a forum - it's a catalyst for progress," remarked Badr Burshaid, the Chairman of the Global Project Management Forum. "Together with global pioneers, we are not just discussing the future of project management - we are shaping it," he stated.
