Riyadh2 minutes ago
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The government of Saudi Arabia has decided to open its real estate market for foreign nationals and companies. The new law will be applicable from January 2026.
Under this, foreign investors will be able to buy property in Riyadh, Jeddah and other areas. This step is part of Saudi Arabia’s Vision 2030, which aims to reduce the dependence on oil and diversify the economy.
The Saudi cabinet has recently approved this new law, which Housing Minister Majid bin Abdullah described the next step of real estate reforms. He said- This law will increase real estate investment and make Saudi cities a global investor center.
Foreign investors can buy shares up to 49%
However, property purchases will be banned in holy cities like Mecca and Medina, as they have religious and cultural significance. In these cities only Muslims can buy property with special conditions.
Foreign investors can buy up to 49% shares in real estate companies listed on Saudi Stock Exchange (Tadavul), which develop projects in Mecca and Madina.
The Real Estate General Authority will issue a list of areas and rules where foreign properties can purchase within 180 days.
These reforms will promote religious tourism like Haj and Umrah and support the target of income of $ 30 billion by 2030.
Saudi Prince’s project is Vision 2030
Saudi Arabia’s Vision 2030 is an ambitious plan of Saudi Prince Mohammed bin Salman (MBS), which was launched in 2016. Its purpose is to diversify Saudi Arabia’s economy and strengthen the country economically, socially and culturally.
MBS wants to settle a city named ‘The Line’
Under Vision 2030, MBS wants to settle a new city named Neom in the deserted desert. A city named ‘The Line’ will be settled under the project. It will be a car-free city, which will be just 200 meters wide and 170 km long. According to BBC, however, by 2030, only 2.4 km of this project will be completed.
Neom is the dream project of Saudi Crown Prince Mohammed bin Salman. Saudi is spending 40 lakh crore rupees on this.
