13 July 2018
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.