Latest news with #MajidAlHogail
Asharq Al-Awsat
10-07-2025
- Business
- Asharq Al-Awsat
New Chapter for Saudi Real Estate Market as Foreign Ownership Allowed
Saudi Arabia has approved a new law allowing non-Saudis to own real estate across the Kingdom, a move officials say will stimulate foreign investment, increase the quality and availability of housing stock, and help bring balance to the property market. The decision, announced by the Council of Ministers on Tuesday, marks a shift in the structure of the real estate sector and aligns with the Kingdom's broader strategy to diversify investment and improve urban development under its Vision 2030 reform agenda. Municipal and Rural Affairs and Housing Minister Majid Al-Hogail said the new framework is expected to attract foreign developers and investors, increase competition in the domestic market, and ultimately help stabilize prices while improving housing options for Saudi citizens. 'A Strategic Restructuring' 'This step will encourage real estate supply and raise the quality of developments,' Al-Hogail said in a statement. 'It supports the economic momentum and investment movement we are witnessing under Vision 2030.' Khalid Al-Jasser, head of Amaken Group and a real estate specialist, said the updated system prioritizes Saudi citizens' interests and will include mechanisms to regulate the market and achieve planned targets—chief among them, property market balance. He added that the move would introduce global real estate standards to the Kingdom and draw capital to improve housing infrastructure, while creating jobs and lowering property prices. 'This is more than just an investment measure—it's a structural shift,' Al-Jasser said. Focus on Mega Projects and New Cities Khaled Almobid, CEO of Menassat Realty Co., said the measure would allow foreign investors to buy properties in major development zones such as NEOM and the Red Sea Project—areas central to Crown Prince Mohammed bin Salman's economic diversification efforts. Almobid said the law is intended to protect Saudi homebuyers from being priced out of the market, while enabling high-value foreign investment that brings hard currency and supports large-scale development. 'The focus will be on strategic areas,' he said. 'We expect foreign ownership will be restricted in districts designated for Saudi housing, with safeguards against speculation.' He noted that details would become clearer once executive regulations are released. Riyadh Housing Reforms The foreign ownership law follows a series of housing reforms launched in March by Crown Prince Mohammed, aimed at curbing soaring land and rental prices in Riyadh. As part of the measures, the government lifted bans on land sales, divisions, and permits, and instructed the Royal Commission for Riyadh City to develop 10,000 to 40,000 new residential plots annually over the next five years - priced at no more than 1,500 riyals ($400) per square meter - for eligible citizens. Eligibility is limited to married Saudis or individuals over 25 years old with no prior property ownership. The government also pledged to amend regulations governing undeveloped land fees and tenant-landlord relations within 60 to 90 days to boost supply and protect all parties' rights. The Real Estate General Authority and the Royal Commission were also tasked with monitoring Riyadh property prices and submitting regular reports.
Argaam
08-07-2025
- Business
- Argaam
Non-Saudi property ownership law to take effect in 2026: Al-Hogail
Majid Al-Hogail, Minister of Municipal, Rural Affairs and Housing, said the new law regulating property ownership by non-Saudis aims to boost the real estate sector and attract foreign direct investments to support housing supply across the Kingdom. Al-Hogail, who is also Chairman of the Real Estate General Authority (REGA), said the new law safeguards citizen interests through introducing mechanisms to regulate the market and ensure real estate balance. It allows non-Saudis to own property within specific geographic zones, most notably Riyadh and Jeddah, while applying special conditions for Makkah and Madinah. REGA will be responsible for defining the approved zones for non-Saudi ownership and preparing the executive regulations for the law, which will be published for public consultation on the Istitlaa platform within 180 days. The law, scheduled to go into effect in January 2026, aligns with the regulations governing premium residency and existing rules that allow GCC nationals to own property for residential or investment purposes.
Argaam
26-06-2025
- Business
- Argaam
Housing Ministry launches EOI for Dammam Boulevard project
The Ministry of Municipal and Rural Affairs and Housing, in cooperation with the Eastern Province Municipality's development arm, Asharq Development Co., and the National Center for Privatization, launched the expression of interest (EOI) phase for the King Fahd Suburb Boulevard project in Dammam. The deadline for submissions is July 16, 2025. The ministry pointed out that the project will be developed under a public-private partnership (PPP) model, through a 30-year contract covering design, construction, financing, operation, maintenance, and transfer, the Saudi News Agency reported. The project spans a total area of approximately one million square meters and will be carried out in two phases. It includes the development of a four-kilometer main boulevard surrounded by a mixed-use zone and green spaces extending over 7.3 kilometers. According to data compiled by Argaam, Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail launched the King Fahd Suburb Boulevard development project in March 2021 in partnership with the private sector.
Al Arabiya
10-06-2025
- Business
- Al Arabiya
Saudi housing minister on sustainable growth and DarGlobal CEO on HNWI investor demands
In this episode of The Riyal Deal, Tom Burges Watson speaks exclusively with the CEO of DarGlobal, Ziad El Chaar on how the international arm of the Saudi company Dar Al Arkan is finding a growing demand for luxury housing at home in Saudi Arabia, how the Kingdom is attracting a growing number of high net worth individuals, and the appeal of the Trump brand. Separately, the Saudi Housing Minister Majid Al-Hogail tells Al Arabiya English the plans in place to sustainably grow the sector and attract investments. Ali Raza, Strategic Advisor to the Saudi Arabia Holding Company provides an overview of the sector and its potential in the long term. Guests:
Zawya
03-06-2025
- Business
- Zawya
Riyadh needs 130,000 houses per year
The Saudi capital Riyadh needs to build nearly 130,000 houses per year to face a rapid increase in demand due to high population growth, the Gulf Kingdom's Municipalities and Housing Minister said on Monday. Majid Al-Hogail said the world's dominant oil exporter is highlighting housing project opportunities to global investors at Cityscape show underway in Britain. In an interview with the Saudi news broadcaster Al-Arabiya, Hogail said his Ministry is working to develop mortgage facilities to ensure sufficient funds for housing projects. 'There is a high demand for housing in Saudi Arabia, especially in Riyadh.…we estimate that the city needs nearly 130,000 housing units every year,' he said. Officials have said Saudi Arabia would present new housing projects to investors during Cityscape Global to be held in Riyadh in November. The Saudi Al-Rajhi Capital financial service company said in a study last month that demand for houses in Saudi Arabia will largely outstrip supply by 2030 due to high population growth and government incentives to citizens. Demand is projected at around 1.2 million houses but nearly 800,000 units are expected to be delivered in 2030, the study said. The report showed that housing ownership by Saudis has surged from around 46 per cent in 2016 to nearly 63.7 per cent at the end of 2023, adding that the ratio is expected to swell in the next years. Early this year, the Real Estate General Authority said it has qualified nearly 1,000 local and foreign developers within a drive to building affordable homes for citizens. (Writing by Nadim Kawach; Editing by Anoop Menon) (
