At its session yesterday, chaired by Sheikh Dr. Abdullah Al-Sheikh, President of the Shura Council, the Council reaffirmed its commitment to the resolution regarding the ownership and investment of real estate by non-Saudis in Makkah and Madinah, which had been referred back to the Shura Council for review pursuant to Article 17 of the Council’s regulations.

This came during his review of the report by the Committee on Economy and Energy regarding the reconsideration of the definition of the term "non-Saudis" as used in Article 5 of the Regulation on Real Estate Ownership and Investment by Non-Saudis, which was referred back to the Shura Council for review pursuant to Article 17 of the Council’s Regulations. The report was read by Abdulrahman bin Rashid Al-Rashid, Chairman of the Committee.

The Shura Council upheld its previous decision regarding the phrase “non-Saudi” contained in Article 5 of the Regulation, which states: “The phrase ‘non-Saudi’ as stipulated in Article 5 of this Regulation refers to the following: a natural person who does not hold Saudi Arabian nationality; a non-Saudi company; and a Saudi company established by, co-founded by, or in which shares are held by natural or legal persons, none of whom hold Saudi Arabian nationality).”