Latest news with #RealEstateGeneralAuthority
CairoScene
3 days ago
- Business
- CairoScene
Cityscape Global 2025 to Spotlight Saudi Urban Development in Riyadh
Held under the theme 'The Future of Urban Living', Cityscape Global 2025 will include more than 450 exhibitors, 500 speakers, and new platforms like ESTAAD. Cityscape Global will take place at Riyadh's Exhibition and Convention Centre in Malham from November 17th to the 20th, 2025, under the theme 'The Future of Urban Living'. Sponsored by the Ministry of Municipalities and Housing in partnership with the Real Estate General Authority, Vision 2030, and the Housing Programme, the event will once again gather key players from across the global real estate value chain. This year's edition is expected to welcome over 172,000 participants, including developers, architects, investors, policymakers, and technology providers. More than 450 international and regional exhibitors are confirmed, alongside over 500 speakers across four curated conferences. Cityscape Global will also feature ESTAAD, Saudi Arabia's first platform dedicated to the international ecosystem behind stadiums, sports, and mega-event infrastructure. Other key features include the 'Future of Living Summit', which will explore federal strategies, AI integration, and sustainable city planning; the 'DnA Stage' for developers and architects focused on urban retrofitting and ESG; and the 'Innovation Arena', which will spotlight startup technologies and market insights on homeownership. '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,' Faisal Al-khamissi, Chairman of the Saudi Federation for Cybersecurity, Programming and Drones and a founding partner of Tahaluf, said. Confirmed speakers include Sally Capp, former mayor of Melbourne; Stefano Boeri, architect of Bosco Verticale; Darren Bechtel of Brick & Mortar Ventures; Mitchell Silver, former New York City Parks Commissioner; and Anil Erdem of BentallGreenOak. Over 20,000 international attendees are expected, with representation from the US, UK, China, India, Italy, Jordan, Qatar, and the UAE. Confirmed exhibitors include Qatari Diar, Hovnanian Real Estate, JLL, and Iris Ceramica Group. The event will spotlight Saudi Arabia's major urban developments and giga-projects, reaffirming its position as a centre for transformative real estate innovation.
Arabian Business
4 days ago
- Business
- Arabian Business
Saudi Arabia announces new property ownership law
Saudi Arabia has published the full details of its property ownership law for non-Saudis in the official gazette Umm Al-Qura on Friday, following Cabinet approval earlier this month. The law will take effect 180 days from publication and replaces previous foreign property ownership legislation issued under Royal Decree No. M/15 in 2000, the Saudi Gazette reported. The legislation grants non-Saudis — including individuals, companies, and non-profit entities — the right to own property or obtain other real rights over real estate within designated geographic zones to be determined by the Cabinet. Non-Saudis can own property in Saudi Arabia under new law published in official gazette These rights include usufruct (beneficial use), leaseholds, and other real estate interests, but will be subject to controls and restrictions based on location, property type, and usage. Ownership remains prohibited in certain locations and regions, particularly in Makkah and Madinah, except under conditions for individual Muslim owners. The law states that all real estate rights that were legally established for non-Saudis prior to the regulation taking effect will be preserved. The Council of Ministers — upon a proposal by the Real Estate General Authority and with the approval of the Council of Economic and Development Affairs — will define the allowable zones for foreign ownership and set upper limits on ownership percentages and durations for usufruct rights. Foreign individuals legally residing in Saudi Arabia may own one residential property outside restricted areas for personal housing purposes. This provision does not apply to Makkah and Madinah. The regulation includes provisions for corporate ownership. Non-listed companies with foreign shareholders, as well as investment funds and licensed special-purpose entities, will be permitted to acquire real estate throughout the Kingdom, including in Makkah and Madinah, provided the ownership supports operational needs or employee housing. Listed companies and investment vehicles may also acquire property in line with Saudi financial market regulations. Diplomatic missions and international organisations can own premises for official use and residence of their representatives, subject to Foreign Ministry approval and reciprocity conditions. Non-Saudi entities must register with the competent authority before acquiring property. Ownership or real rights become valid only after formal registration in the national real estate registry. The law introduces a real estate transfer fee of up to 5 per cent for transactions involving non-Saudis. Sanctions for violations include fines up to SAR10 million and, in cases such as falsified information, the forced sale of the property with proceeds remitted to the state after deductions. A committee under the Real Estate General Authority will be formed to investigate violations and impose penalties. Decisions of this committee can be appealed to the administrative courts within 60 days. The law repeals a prior rule that prohibited GCC citizens from owning property in Makkah and Madinah, standardising rules for all non-Saudi entities under a single framework. The executive regulations, which will detail implementation mechanisms and specify geographic boundaries and conditions, are expected to be issued within six months.
Gulf Business
4 days ago
- Business
- Gulf Business
Foreigners owning property in Saudi: The rules you need to know
Image: Getty Images/ For illustrative purposes Saudi Arabia has officially published the full text of a new law regulating real estate ownership by non-Saudis, following cabinet approval earlier this month. The legislation, released in the Umm Al Qura official gazette on Friday, July 25, will come into effect 180 days from publication and marks a significant shift in the country's real estate and investment policy, Read- The new law grants non-Saudis, including individuals, corporations, and non-profit organisations, the right to own property or obtain other real rights within designated zones to be defined by the Council of Ministers. These rights include usufruct (beneficial use), leaseholds, and other interests, but will be subject to geographic and usage-based restrictions. Importantly, all legal property rights held by non-Saudis prior to the law's enactment will remain protected. Key restrictions remain Despite the liberalization, the law maintains a firm stance on property ownership in the holy cities. Ownership remains prohibited in Makkah and Madinah, except under specific conditions for individual Muslim owners. Foreign individuals legally residing in the country may own a single residential property outside restricted zones for personal housing purposes. A central provision mandates that the Council of Ministers, based on recommendations from the Real Estate General Authority and with approval from the Council of Economic and Development Affairs, will designate the permissible zones for foreign ownership. These zones will include limits on ownership percentages and the duration of usufruct rights. Foreign-owned non-listed companies, licensed investment funds, and special-purpose entities may acquire real estate throughout the Kingdom, including in Makkah and Madinah, provided the ownership is for operational needs or employee housing. Listed companies and investment vehicles are permitted to own property in line with Saudi financial regulations. Diplomatic missions and international organisations will also be allowed to own property for official use, subject to Foreign Ministry approval and reciprocity. Mandatory registration and oversight Non-Saudi entities must register with the relevant authorities prior to acquiring real estate. Legal ownership or rights will only be recognised following registration in the national real estate registry. To enforce compliance, the law introduces a real estate transfer fee of up to 5 per cent for transactions involving non-Saudis. Violations could incur fines of up to SAR10m, with penalties including forced sales in severe cases such as the use of falsified documents. Proceeds from such sales will be transferred to the state after necessary deductions. A committee under the Real Estate General Authority will be established to monitor violations and impose sanctions. Affected parties can appeal committee decisions to the administrative courts within 60 days. Repeal of previous rules for GCC citizens The new law also revokes a previous ban on real estate ownership by Gulf Cooperation Council (GCC) citizens in Makkah and Madinah, thereby aligning the rules for all non-Saudi individuals and entities under a single legal framework. Executive regulations, including geographic boundaries and implementation procedures, are expected to be issued within six months. The law replaces the previous foreign ownership legislation issued under Royal Decree No. M/15 in 2000.
Gulf Insider
5 days ago
- Business
- Gulf Insider
Saudi Arabia Publishes New Law Allowing Foreigners To Own Property
Saudi Arabia has officially published the full details of its new law regulating real estate ownership by non-Saudis, following Cabinet approval earlier this month. The comprehensive law, released in the official gazette Umm Al-Qura on Friday, will take effect 180 days from publication and marks a major overhaul in the Kingdom's approach to foreign ownership of property. The new system grants non-Saudis — including individuals, companies, and non-profit entities — the right to own property or obtain other real rights over real estate within designated geographic zones to be determined by the Cabinet. These rights include usufruct (beneficial use), leaseholds, and other real estate interests, but will be subject to a range of controls and restrictions based on location, property type, and usage. The law preserves all real estate rights that were legally established for non-Saudis prior to the new regulation taking effect. However, it clearly states that ownership remains prohibited in certain locations and regions, notably in Makkah and Madinah, except under conditions for individual Muslim owners. A key provision in the law requires the Council of Ministers — upon a proposal by the Real Estate General Authority and with the approval of the Council of Economic and Development Affairs — to define the allowable zones for foreign ownership and set upper limits on ownership percentages and durations for usufruct rights. Foreign individuals legally residing in Saudi Arabia may own one residential property outside restricted areas for personal housing purposes. This does not apply to Makkah and Madinah. The regulation also includes provisions for corporate ownership. Non-listed companies with foreign shareholders, as well as investment funds and licensed special-purpose entities, will be permitted to acquire real estate throughout the Kingdom, including in Makkah and Madinah, provided the ownership supports operational needs or employee housing. Listed companies and investment vehicles may also acquire property in line with Saudi financial market regulations. Diplomatic missions and international organizations can also own premises for official use and residence of their representatives, subject to Foreign Ministry approval and reciprocity conditions. To ensure compliance, non-Saudi entities must register with the competent authority before acquiring property. Ownership or real rights become valid only after formal registration in the national real estate registry. The law introduces a real estate transfer fee of up to 5% for transactions involving non-Saudis, and outlines a penalty framework for violations. Sanctions include fines up to SR10 million and, in severe cases such as falsified information, the forced sale of the property with proceeds remitted to the state after deductions. A dedicated committee under the Real Estate General Authority will be formed to investigate violations and impose penalties. Decisions of this committee can be appealed to the administrative courts within 60 days. Additionally, the law repeals a prior rule that prohibited GCC citizens from owning property in Makkah and Madinah, effectively standardizing rules for all non-Saudi entities under a single framework. The executive regulations, which will detail implementation mechanisms and specify geographic boundaries and conditions, are expected to be issued within six months. The new law replaces the previous foreign property ownership legislation issued under Royal Decree No. M/15 in 2000.
Zawya
5 days ago
- Business
- Zawya
Saudi Arabia publishes new law allowing foreigners to own property
RIYADH — Saudi Arabia has officially published the full details of its new law regulating real estate ownership by non-Saudis, following Cabinet approval earlier this month. The comprehensive law, released in the official gazette Umm Al-Qura on Friday, will take effect 180 days from publication and marks a major overhaul in the Kingdom's approach to foreign ownership of property. The new system grants non-Saudis — including individuals, companies, and non-profit entities — the right to own property or obtain other real rights over real estate within designated geographic zones to be determined by the Cabinet. These rights include usufruct (beneficial use), leaseholds, and other real estate interests, but will be subject to a range of controls and restrictions based on location, property type, and usage. The law preserves all real estate rights that were legally established for non-Saudis prior to the new regulation taking effect. However, it clearly states that ownership remains prohibited in certain locations and regions, notably in Makkah and Madinah, except under conditions for individual Muslim owners. A key provision in the law requires the Council of Ministers — upon a proposal by the Real Estate General Authority and with the approval of the Council of Economic and Development Affairs — to define the allowable zones for foreign ownership and set upper limits on ownership percentages and durations for usufruct rights. Foreign individuals legally residing in Saudi Arabia may own one residential property outside restricted areas for personal housing purposes. This does not apply to Makkah and Madinah. The regulation also includes provisions for corporate ownership. Non-listed companies with foreign shareholders, as well as investment funds and licensed special-purpose entities, will be permitted to acquire real estate throughout the Kingdom, including in Makkah and Madinah, provided the ownership supports operational needs or employee housing. Listed companies and investment vehicles may also acquire property in line with Saudi financial market regulations. Diplomatic missions and international organizations can also own premises for official use and residence of their representatives, subject to Foreign Ministry approval and reciprocity conditions. To ensure compliance, non-Saudi entities must register with the competent authority before acquiring property. Ownership or real rights become valid only after formal registration in the national real estate registry. The law introduces a real estate transfer fee of up to 5% for transactions involving non-Saudis, and outlines a penalty framework for violations. Sanctions include fines up to SR10 million and, in severe cases such as falsified information, the forced sale of the property with proceeds remitted to the state after deductions. A dedicated committee under the Real Estate General Authority will be formed to investigate violations and impose penalties. Decisions of this committee can be appealed to the administrative courts within 60 days. Additionally, the law repeals a prior rule that prohibited GCC citizens from owning property in Makkah and Madinah, effectively standardizing rules for all non-Saudi entities under a single framework. The executive regulations, which will detail implementation mechanisms and specify geographic boundaries and conditions, are expected to be issued within six months. The new law replaces the previous foreign property ownership legislation issued under Royal Decree No. M/15 in 2000. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
