Informed sources revealed that a decision has been issued by the higher authorities to prohibit the ownership, utilization or attachment of non-Saudis (by any means other than inheritance) to a property located within the boundaries of the cities of Mecca and Medina, with the exception of companies and banks from this with conditions.<\/p>\n
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: \u00abIt is not permissible for a non-Saudi by any means - other than inheritance - to The acquisition of the right of ownership, easement or utilization on a property 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 owned property in accordance with the legal rules on a concerned Saudi entity, provided that the endowment stipulates that the competent authority for endowments has the right to guardianship over the endowment, in accordance with the regulations. The term \u00bbnon-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.<\/p>\n
Banks and real estate finance companies licensed by the Saudi Arabian Monetary Agency (SAMA) are exempted from this, provided that this is limited to their ownership of real estate for the purpose of financing them for those of Saudi nationality, as well as real estate allocated for their headquarters or branch headquarters or necessary for the practice of their activity, according to the 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 for their headquarters or branch headquarters or necessary for their activity, and provided that the property is fully used for that purpose, according to the controls set by the Capital Market Authority, as well as what the Cabinet determines according to controls set by the Council of Ministers.<\/p>","protected":false},"excerpt":{"rendered":"
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