Saudi Arabia has amended its investment and real estate laws with the aim of boosting foreign investment in the Kingdom’s properties.
The amendments were introduced with the aim of improving regulations related to the ownership or use of real estate by non-Saudis who enjoy a natural and legal capacity, according to local media reports.
The law also embodies the use of properties in economic zones targeted for development, including Makkah and Madinah.
The implementation of the amendments to the law does not affect the right of ownership through inheritance. Further, the amendments are not applicable to royal orders that prevent ownership in some locations, as well as regulations and decisions issued by the Council of Ministers.
While announcing the amendments to the law in a statement online, the Saudi Ministry of Investment invited the public to offer feedback about the proposed changes until May 18.
According to an article published on The National, business activity in Saudi Arabia’s non-oil private sector economy improved sharply in March as demand grew, and output and new orders continued to rise despite cost pressures.
The seasonally adjusted S&P Global Saudi Arabia Purchasing Managers’ Index rose to 56.8 in March from 56.2 in February, The reading was the highest recorded since November last year, marking an overall improvement in the kingdom’s business conditions as it continues to emerge from pandemic-driven slowdown. It was also the fastest rise in non-oil activity since the end of 2017.
A reading above the neutral level of 50 indicates expansion while one below it points to a contraction.
Source: Khaleejtimes, The National