RIYADH – Companies registered on the Saudi Stock Exchange (TADAWUL) can own real estate in Makkah and Madinah.
The Council of Ministers approved the amendment of Article 5 of the Law of Real Estate Ownership and Investment by non-Saudis under which registered Saudi companies are free from the prohibition of non-Saudis owning real estate within the borders of Makkah and Madinah, as per the official Umm Al-Qura newspaper.
As indicated by the law, a non-Saudi investor with a characteristic or corporate character is licensed to practice any professional, vocational, or economic action may get the land essential for practicing the action in Makkah and Madinah. It is additionally specified that such land is contributed within five years from its acquisition.
The amendment, approved by the Cabinet, contained registered companies in the purview of those permitted to own and invest in properties in Makkah. The Cabinet earlier approved the law and a royal decree was provided in this regard on Dec. 14, 2019. The new law made in the law states: “Companies Listed in the Saudi Stock Exchange, according to controls set by the Capital Market Authority in coordination with the relevant authorities.”
The law was made following a recommendation by the Council of Economic and Development Affairs and the General Committee for the Council of Ministers and a decision of the Shoura Council.