Saudi Arabia amends rules to attract foreign investment in property – The National

Saudi Arabia amends rules to attract foreign investment in property – The National

Saudi Arabia is amending the laws to attract more foreign investments to its property sector, as the country’s economy continues to rebound and attract more workers from abroad, local media reports said.

The proposed amendment to rules governing foreign ownership of real estate will also increase competition in the sector, Asharq Al Awsat newspaper reported.

“The proposed amendment to the system contributes to enhancing the competitiveness and marketing capacity of real estate in the kingdom, and stimulates growth in other economic sectors, in addition to enabling non-Saudis to own property, attracting funds with controls and provisions regulating and facilitating ownership in certain areas targeted for development,” the newspaper said.