Saudi Arabia: Draft law to allow foreigners to possess real estate in holy cities discussed
The Saudi Shura Council is reviewing a draft law to allow foreigners to possess real estate in the holy cities of Mecca and Madinah. According to Gulf News, the council is also looking into another proposal in the law to extend the period of leasing real estate to foreigners from two to ten years.
It is porojected that the council will vote on the law after making necessary changes in the coming session.
- Infrastructure key to increasing religious tourism in Saudi’s Holy Cities
- Saudi Arabia: ”Time Share” to boost real estates in holy cities
- Saudi Arabia to pass law affecting foreign investment
- Lebanese Ministerial Committee Approves Draft Law to Attract Foreign Investment
- Saudi real estate market growing