Riyadh: Saudi Arabia’s shoura council directives, during its session on Wednesday included a study of allowing foreign individuals who do not reside in the Kingdom to own property in accordance with specific controls, local media has reported.
The shoura council called on the real estate general authority, in coordination with the relevant authorities, to set clear controls to encourage foreign investment in real estate.
According to Saudi Gazette, the council called on the authority to strengthen the oversight role in all of its work, so that it can follow up on compliance with the rules and standards it has set for the real estate activities.
The council urged the authority in coordinating with the concerned authorities to ensure real estate stability and reduce risks that may occur in the real estate market.
The council indicated that the authority should prepare its annual report in accordance with the royal decree regarding the rules for preparing annual reports for ministries, institutions and government agencies.
The shoura council called for supporting the authority’s budget to enable it to carry out the tasks entrusted to it, complete its structures and projects, and attract human cadres to achieve its goals in accordance with the approved strategy.
It also contributes to enhancing the development roles of the general authority for state real estate in line with vision 2030.