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FINANCIAL NEWS
Shoura oks foreigners’ real estate ownership
31 Jan 2011
(MENAFN) The Saudi Shoura council’s secretary-general, Muhammad Al-Ghamdi, said that the addition of a new article to the real estate and investment law, which make it possible to non-Saudis living in the Kingdom to own properties in the Kingdom, was approved by the council, reported Arab News.
Al-Ghamdi said that the council discussed the issue at its 77th session, which president was Abdullah Al-Asheikh, Shoura Council Chairman.
The secretary-general said the addition of the new article was proposed by the Shoura’s Economic Affairs and Energy Committee.
On another note, another proposal from the Saudi Council of Engineers and the Council of Saudi Chambers of Commerce and Industry (SCCCI), which suggested requiring health insurance mandate for engineers and architects, was also discussed by the Shoura council.
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