<Informed sources revealed that a decision has been issued by the higher authorities that it is not permissible for a non-Saudi to own, utilize or attach (by any means other than inheritance) to a property located within the boundaries of the cities of Makkah and Medina, with the exception of companies and banks from this under conditions. <This comes based on the approval of the higher authorities to amend Article 5 of the Real Estate Ownership and Investment Law for Non-Saudis to read as follows, «A non-Saudi may not, by any means - other than inheritance - acquire the right of ownership, easement or easement The acquisition of the right of ownership, easement or utilization on a real estate located within the boundaries of the cities of Makkah and Madinah is excluded from this, except for the acquisition of the right of ownership if it is accompanied by the endowment of the property owned in accordance with the legal rules on a concerned Saudi entity, provided that the endowment stipulates that the competent entity for endowments has the right to guardianship over the endowment, and this is in accordance with the regulations. The term »non-Saudi" in paragraph (1) of the same article means a natural person who does not hold Saudi nationality, a non-Saudi company and a Saudi company that is founded, co-founded or owns shares in it by any natural or legal person who does not hold Saudi nationality.

<Banks and real estate finance companies are excluded from this and licensed by the Saudi Arabian Monetary Agency, provided that this is limited to their acquisition of real estate in order to finance them for those who hold Saudi nationality, as well as real estate allocated to their headquarters or branch headquarters or necessary for the practice of their activity, according to controls set by the Monetary Agency, and listed companies whose purposes do not include dealing with real estate, provided that this is limited to real estate allocated to their headquarters or branch headquarters or necessary for the practice of their activity and provided that the property is fully utilized for that purpose, according to controls set by the Capital Market Authority, and also as determined by the Council of Ministers according to controls set by it for this purpose and persons or categories decided by the Council of Ministers to the extent that they are determined by the Council of Ministers.