The session held today by the Council of Ministers in Jeddah was chaired by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud—may God protect him. During the session, the Council of Ministers approved the implementing regulations for the law governing real estate ownership by non-Saudis and approved the geographic areas in which non-Saudis are permitted to own property.

The Council also approved authorizing the Minister of Municipalities and Housing —or his designee—to sign a draft memorandum of understanding in the municipal and housing sectors between the Ministry of Municipalities and Housing of the Kingdom of Saudi Arabia and the Ministry of Housing and Urban and Rural Development of the People’s Republic of China.
For his part, His Excellency the Minister of Municipalities and Housing, Mr. Majid Al-Hogail, expressed his sincere thanks and appreciation to the wise leadership for its continued support, which is reflected today in the Cabinet’s approval of the executive regulations and the areas where non-Saudis are permitted to own real estate, ushering in a new phase in the real estate market.

Al-Hogail said in a tweet on his X account that this step opens up new investment opportunities, boosts the sector’s growth, and increases its economic contribution by expanding supply, stimulating investment, and creating promising opportunities for the nation and its people.