KSA to Welcome Foreigners to Own Property Around the Kingdom

In a landmark decision to promote economic growth and attract foreign investment, KSA to Welcome Foreigners to Own Property Around the Kingdom of Saudi Arabia has passed a new law allowing non-Saudis to own real estate property throughout the country. This new legislation is a significant step towards the government’s goal of diversifying its economy and reducing its dependence on oil revenues.

Historic Move For Expat Investors

This move by the government is a clear signal that Saudi Arabia is open for business and is actively seeking to attract foreign investment. By allowing non-Saudis to invest in property, the country is not only diversifying its economy but also creating new opportunities for foreign investors to contribute to the growth of the country. This move is expect to have a positive impact on the country’s GDP and is a major step towards achieving its Vision 2030 goals. Previously, only Saudi citizens were permit to purchase and own property in the country. This left expatriates with limit options for investing in real estate, as they were require to invest through Saudi intermediaries. However, with the new law in place, non-Saudis can now invest in commercial, residential, and agricultural lands in any part of the country.

Investment in Two Holiest Cities

What’s more, this new law also permits non-Saudi expats to purchase property in the two holiest cities of Makkah and Medinah. These cities are significant centers of Muslim pilgrimage, attracting millions of visitors from all over the world each year. As such, the potential for investment in these areas is substantial, and the economic benefits are expect to be considerable.

Step Towards Less Reliance on Oil Exports

Crown Prince Mohammad Bin Salman (MBS) has geared up a new move to empower. Foreigners to purchase commercial, residential, and agricultural lands in the Kingdom. This move has been hailed as a crucial step towards attracting international investment and boosting. The country’s economic GDP to less reliance in oil production as electric vehicles are dominating the future. Previously, only Saudi nationals were authorized to buy property, while expatriates had to invest through Saudis. This new law opens up a plethora of opportunities for foreign investors to tap into the vast potential of the Saudi real estate market.

Real Estate Potential in Makkah & Medinah

The law also allows non-Saudi expats to buy and invest in the two holiest cities of Islam – Makkah and Medinah. These cities are prime centers of Muslim pilgrims from all over the world. And the exponential potential of investment in these cities is enormous. The religious tourism in these two cities is a major contributor to the Saudi economy. And allowing non-Saudi expats to invest in these cities is expected to yield a substantial return on investment.

KSA Vision 2030

By welcoming foreign investment in the real estate sector. The KSA is taking a step towards achieving its Vision 2030 goals. The Vision 2030 initiative aims to reduce the country’s dependence on oil exports and promote economic diversification. The real estate sector is a crucial component of this plan. And the new law will contribute significantly towards achieving this goal.