RIYADH — The Shoura Council has approached the Real Estate General Authority to coordinate with the relevant authorities to study its proposition permitting non-resident foreign individuals to own real estate in Saudi Arabia amid specific controls.
The Shoura Council also approached the authority on Wednesday to ensure transparent governance for the entities it established, for example, the Saudi Real Estate Institute, the Saudi Center for Real Estate Arbitration, and the Center for Research and Studies.
The authority has been approached to reinforce the supervisory role in the entirety of its work so it can follow up on compliance with the rules and guidelines it has set for the land activities.
The Shoura Council asked the authority to coordinate with the concerned authorities to ensure stability in the real estate sector and lessen the risks that may occur in the real estate market.
The council showed that the authority should prepare its annual report in line 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 financial plan to empower it to carry out tasks entrusted to it, complete its projects, and recruit more labor force to accomplish its objectives.