However, there are some important limitations:
- The property must be located outside the holy cities of Mecca and Medina.
- The purchase of real estate should not be aimed at speculation, which involves the acquisition of assets (such as stocks, commodities, or real estate) in order to profit from price fluctuations.
The Ministry also clarified that foreign investment companies must obtain permission to own industrial facilities, offices, residential premises for employees and warehouses. You can apply for such a permit through the electronic public services portal.
Development companies wishing to implement the project must provide a report from an engineering bureau accredited by the Saudi Council of Engineers, with a detailed description of the total cost of the work.The cost of the project (including land and construction) should be at least 30 million Saudi riyals (8.1 million US dollars). Only projects outside of Mecca and Medina are accepted for consideration. The project should be implemented within five years.
Source: Gulf Business
