Saudi Arabia okays new property ownership law for foreigners

Saudi Arabia’s cabinet headed by Crown Prince and Prime Minister Mohammed bin Salman, has approved a landmark law regulating property ownership by foreigners.

The decision came during the Cabinet’s weekly meeting held in Jeddah, where the crown prince of Saudi Arabia also briefed ministers on his recent engagement with Indonesian President Prabowo Subianto and a phone conversation with German Chancellor Friedrich Merz.

The cabinet highlighted the outcomes of the inaugural Saudi-Indonesian Supreme Coordination Council meeting, celebrating several private sector agreements in areas such as clean energy, petrochemicals, and aviation fuel services.

These align with a mutual vision for a forward-looking economic partnership.

Acting Minister of Media Dr. Essam bin Saeed stated that the new property law aims to regulate and streamline foreign ownership in the Kingdom, although detailed provisions were not disclosed.

The initiative is part of Saudi Arabia’s ongoing efforts to diversify its economy under Vision 2030 and stimulate foreign investment.

The Cabinet reiterated Saudi Arabia’s ongoing contributions to global economic stability, particularly its active coordination with OPEC+ member states to ensure balance in the petroleum markets.

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It also welcomed the Kingdom’s upcoming hosting of the 21st General Conference of the United Nations Industrial Development Organization (UNIDO), scheduled for November in Riyadh, with a focus on sustainable manufacturing, innovation, and technological transformation.

In the digital and cybersecurity domains, Saudi Arabia’s leadership was further underscored. The Cabinet applauded the UN Human Rights Council’s unanimous adoption of a Saudi-sponsored resolution on child protection in the digital space—an extension of the global “Child Online Safety” initiative launched by the Crown Prince.

Saudi Arabia also maintained its global lead in cybersecurity, as recognized in the 2025 World Competitiveness Yearbook.

The Kingdom’s top ranking in the International Telecommunication Union’s 2025 ICT Development Index was also celebrated, reflecting a robust digital infrastructure and a rapidly growing digital economy valued at SR495 billion.