Saudi Arabia is likely to pass a law in the near future which would allow foreign investors to own property, stocks, and companies fully in the kingdom.
Ayman Sejiny, adviser of the Saudi real estate firm Dar Al Arkan, told <i>Gulf News</i>, "Some Saudi officials have held meetings with select private sector representatives to discuss the new law."
Sejiny stated that Saudi Arabia needed some 300,000 residential units in the next 15 years at a cost of $36 billion, and that the annually growth in demand for housing was 3 percent.
At recent two-day Islamic Real Estate Finance Middle East conference in Dubai, the global real estate industry was analyzed, and each geographical region was examined extensively.
Mansour Othaimin, executive director of Baka and participant at the event, told reporters, "We waiting for opening the closed doors. Although we have the money Saudi Arabia has a real problem in housing."
Meanwhile, financial consultant Dhafer Al Qahtani criticized the Gulf's private sector for what he labeled fear of initiating mega projects and taking responsibilities for development.
Sulaiman Al Majid, CEO of Tanmiyat, also expressed his thoughts on the matter, saying, "The changes have happened but … we expect more from the Saudi government in the near future."
