Project Objectives and Key Elements
The Project aims to regulate the exclusion of Saudi companies listed in the Saudi Stock Exchange (Tadawul) from the meaning of the phrase (non-Saudi) mentioned in Article 5 of the Law of Real Estate Ownership and Investment by Non-Saudis so that these companies can acquire the right of ownership, easement or usufruct over a property located within the borders of Makkah and Madinah, in addition to stimulating investment, raising the attractiveness and efficiency of the stock exchange, enhancing its competitiveness regionally and internationally and supporting the local economy, by attracting foreign capital.
The main elements of the project are to regulate the exclusion of Saudi companies listed in the Saudi Stock Exchange from the meaning of the phrase (non-Saudi), including setting limits on the ownership of foreign investors in Saudi companies listed in the Saudi Stock Exchange (Tadawul) as a condition for the application of the exception contained in Article 5-2-C-2 of the Law of Real Estate Ownership and Investment by Non-Saudis.