Saudi Arabia announced the amendment of its investment and real estate laws to boost foreign investment in its properties.
The amendments were introduced with the aim of improving regulations related to the ownership or use of real estate by non-Saudis who enjoy a natural and legal capacity, according to local media reports.
The law also embodies the use of properties in economic zones targeted for development, including Makkah and Madinah.
The implementation of the amendments to the law does not affect the right of ownership through inheritance. Further, the amendments are not applicable to royal orders that prevent ownership in some locations, as well as regulations and decisions issued by the Council of Ministers.
Moreover, the Saudi Ministry of Investment also invited the public to offer their reviews on the proposed amendment until May 18.
