Saudi Arabia Approves Law Allowing Foreigners to Own Property across Kingdom
In a groundbreaking move to boost foreign investment and revitalize the real estate sector, the Saudi Cabinet on Monday, July 8, approved a new law permitting non-Saudis to own property across the Kingdom — a historic policy shift that aligns with the country's ambitious Vision 2030 economic diversification strategy.
The decision marks a significant departure from longstanding restrictions that limited property ownership almost exclusively to Saudi citizens, and it is expected to have wide-reaching implications for the Kingdom's investment climate and urban development.
According to details published by the Saudi Press Agency (SPA), the new property ownership law will apply to three main categories of non-Saudis:
-Legally resident foreigners currently living in the Kingdom under valid residency permits.
-Foreign companies licensed by the relevant Saudi authorities.
-International investors seeking to launch economic or real estate projects in the country.
Officials say the policy is designed to make Saudi Arabia a more attractive destination for global capital while fostering competition and innovation in the real estate market.
'This decision is a milestone in Saudi real estate regulation,' said an official close to the matter. 'It opens up new avenues for housing development, commercial expansion, and long-term foreign involvement in our economy.'
While specific guidelines and conditions regarding property types, locations, and ownership caps are yet to be published, sources indicate that further regulatory frameworks will be rolled out in the coming months to ensure transparent and sustainable implementation.
The move is expected to stimulate activity in major urban centers such as Riyadh, Jeddah, and NEOM — the futuristic $500 billion mega-city project on the Red Sea coast.
Real estate analysts suggest that the policy could also attract wealthy expatriates and global developers, especially in the luxury and mixed-use development segments.
As part of Vision 2030, Saudi Arabia has been opening up to tourism, expanding entertainment offerings, and loosening regulatory barriers to international business. Allowing foreign ownership of property represents one of the clearest signals yet that the Kingdom is accelerating its transformation into a globally integrated economy.
read more
CBE: Deposits in Local Currency Hit EGP 5.25 Trillion
Morocco Plans to Spend $1 Billion to Mitigate Drought Effect
Gov't Approves Final Version of State Ownership Policy Document
Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister
Qatar Agrees to Supply Germany with LNG for 15 Years
Business
Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves
Business
Suez Canal Records $704 Million, Historically Highest Monthly Revenue
Business
Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday
Business
Wheat delivery season commences on April 15
News
Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters
News
China Launches Largest Ever Aircraft Carrier
Sports
Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer
Videos & Features
Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall
Lifestyle
Get to Know 2025 Eid Al Adha Prayer Times in Egypt
Business
Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
News
"Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence"
News
Flights suspended at Port Sudan Airport after Drone Attacks
Videos & Features
Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
Arts & Culture
Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily News Egypt
25 minutes ago
- Daily News Egypt
Bonyan prices IPO at EGP 4.96 per share following strong private placement demand
Bonyan for Development and Trade has announced the final share price for its initial public offering (IPO), setting it at EGP 4.96 per share. The company reported robust demand for its private placement, which was oversubscribed by approximately 6.88 times. In an official statement, Bonyan confirmed that the same price will apply to the public offering, which comprises 18,145,161 shares. The public subscription period remains open until Wednesday, July 16. To participate, investors must deposit at least 25% of the value of their intended purchase, based on the final offer price, in accordance with the terms outlined in the offering prospectus approved by Egypt's Financial Regulatory Authority (FRA). Shares will be allocated on a pro-rata basis, determined by the ratio between shares available and total investor demand. The offering, which launched last Sunday, includes approximately 362.9 million shares—equivalent to 22% of the company's total outstanding shares—valued at EGP 1.8bn. This consists of 344.8 million shares allocated to institutional and high-net-worth investors in the private placement and 18.1 million shares offered to the public. The minimum subscription in the private placement was set at EGP 1m for high-net-worth individuals and EGP 10m for institutions. The public offering allows for a minimum subscription of 100 shares and a maximum of 200,000 shares per investor. CEO Shamel Aboul Fadl stated that trading of Bonyan shares on the Egyptian Exchange is expected to commence before the end of July. He described the response to the offering as 'very positive,' with subscription levels exceeding expectations. To support the stock post-listing, the company has established a price stabilization mechanism covering 100% of the public shares for 30 days. Additionally, an optional support fund—equal to 15% of the total offering—will be activated if the share price dips below the offering level during the same period. Current shareholders have agreed to a mandatory 24-month lock-up on 51% of the company's shares, with a voluntary six-month lock-up on the remainder. Regarding the use of proceeds, Aboul Fadl noted that Bonyan's debt currently stands at less than 8% of its portfolio value, primarily due to high prevailing interest rates. Of the EGP 1.8bn raised, EGP 1.55bn represents a secondary offering, while EGP 250m is a primary offering. The proceeds from any future capital increase will be used to finance the company's expansion strategy.
See - Sada Elbalad
5 hours ago
- See - Sada Elbalad
Gold Prices Fluctuate Despite Rising Safe-Haven Demand
Waleed Farouk Gold prices, both locally and globally, experienced volatility during trading on Monday, despite the global ounce price climbing to a three-week high, supported by increased demand for gold as a safe-haven asset amid escalating trade tensions between the United States, the European Union, and Mexico. In the local market, gold prices gave up their early gains. The 21-karat gold lost the morning's upward momentum, settling at EGP 4,660 per gram, the same as last week's closing price. Globally, the ounce erased its initial gains, stabilizing at $3,355. Gold prices in the local market were as follows: 24-karat: EGP 5,326, 18-karat: EGP 3,994, 14-karat: EGP 3,107, Gold pound (8 grams of 21k): EGP 37,280 Last week, gold prices rose by EGP 20, starting at EGP 4,640 and closing at EGP 4,660. Globally, the ounce gained $18, moving from $3,337 to $3,355. The recent movements in gold prices have been driven by renewed trade fears, following Washington's announcement of plans to impose 30% tariffs on imports from the EU and Mexico starting in early August, after the failure of recent negotiations to reach a comprehensive agreement. These declarations triggered concern in global markets, prompting investors to hedge through gold, amid warnings of potential negative impacts on international trade flows. Brussels and Mexico described the proposed tariffs as 'unfair and destabilizing.' Meanwhile, the European Commission announced an extension of its suspension of retaliatory measures until early August, in hopes of reaching a diplomatic resolution. In another development, investors are awaiting the release of U.S. inflation data for June, scheduled for Tuesday. These figures are expected to offer insights into the Federal Reserve's interest rate direction over the coming months. Market expectations currently point toward a potential 50 basis-point rate cut before the end of the year. Such a move would likely enhance gold's appeal as a hedge asset that, while non-yielding, tends to outperform in low-interest environments. Data from the SPDR Gold Trust—the world's largest gold-backed exchange-traded fund—showed that its holdings declined by 0.12% on Friday, dropping to 947.64 metric tons from 948.80 metric tons the previous day. Additionally, the U.S. Commodity Futures Trading Commission (CFTC) reported a decline in speculative positions on gold, with net long contracts falling by 1,855 in the week ending July 8, bringing the total to 134,842 net long positions. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
See - Sada Elbalad
6 hours ago
- See - Sada Elbalad
Türkiye, Egypt Explore Launch of Joint University, Deeper Education Ties
Israa Farhan Türkiye and Egypt are deepening their collaboration in the education sector, with plans underway to establish a Turkish-Egyptian University and expand academic partnerships. The announcement came from Turkish Ambassador to Cairo, Salih Mutlu Şen, following high-level discussions during the visit of the President of Türkiye's Higher Education Council to Cairo. In a post on platform X, Ambassador Şen confirmed that both sides discussed 'implementing the bilateral Memorandum of Understanding on higher education', reaching consensus on 'various cooperation models, including the establishment of a Turkish-Egyptian University.' He also noted that 'Turkish universities can open departments in Egypt and are eager to engage with cooperation proposals from Egyptian institutions.' Türkiye currently hosts over 10,000 Egyptian students across its 209 universities as part of a broader internationalization strategy. The ambassador emphasized that 'Türkiye is committed to its internationalization strategy and welcomes Egyptian students.' He added that 'Our Maarif Foundation and education-focused NGOs are open to setting up educational institutions in Egypt.' Highlighting the strategic value of education-industry linkages, Şen stated that 'Türkiye's experience underscores the need to enhance university-industry partnerships and prioritize vocational and technical education to meet development demands.' He also suggested that Turkish firms based in Egypt could partner with local authorities to create 'vocational training centers tailored to industry needs.' Şen concluded by underlining the significance of Türkiye's cooperation with Egypt, calling it 'a leading education hub in the Arab world and Africa.' His remarks were delivered during the 4th Annual Education Investment Conference in Cairo. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
