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SAUDI ARABIA: Real Estate Ownership Potentially Opening-Up to Overseas Investors

Overseas investors are to be entitled to wholly-own property under the terms of the country’s proposed Public-Private Partnership (PPP) Law. At present, non-Saudi businesses – other than those owned by Gulf Cooperation Council nationals – are not permitted to own real estate, except when establishing FDI-project-related warehousing, staff accommodation or management offices.

Although the new regulations would not extend to sites within the two sacred cities of Mecca and Medina, up to US$7.4 billion worth of infrastructure projects is expected to be opened-up to overseas investors should the proposed legislation be adopted. No final decision on its approval, however, will be announced until after 29 July when the related public consultation period concludes.

Content provided by Picture: HKTDC Research
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