On 23 June, the Saudi cabinet approved the executive regulations and geographical zones for the updated Foreign Real Estate Ownership Law, and the Real Estate General Authority launched the “Saudi Properties” portal to accept applications. The law, which entered into force in January 2026, replaces a restrictive 2000 statute and permits non-Saudi individuals, companies, and entities to own property in designated areas across the kingdom, including Riyadh, Jeddah, and other major cities. Ownership in Makkah and Madinah is limited to Muslim individuals and Saudi companies with foreign ownership; non-Muslims are barred from holding property in the two holy cities. A 5 per cent real estate transaction tax applies, with an additional regulatory fee of up to 5 per cent, and penalties for violations can reach 10 million riyals ($2.67 million).

The move is a central plank of Vision 2030’s effort to attract foreign direct investment and mature the real estate market. The digital portal allows residents to apply using their residency number, while non-residents must obtain a digital identity card from Saudi missions abroad; foreign companies without a local presence register via the Ministry of Investment’s “Invest Saudi” platform. The cabinet also reviewed the kingdom’s rise to 13th place globally and third among G20 nations in the 2026 World Competitiveness Yearbook, and its retention of the top global cybersecurity ranking for a third consecutive year, underscoring the broader business-environment improvements accompanying the property reforms.

The regulatory opening coincides with a rapid expansion of hospitality infrastructure. Riyadh-based developer Blacksand signed a multi-brand agreement with Marriott International to build ten hotels—over 1,300 rooms—across the kingdom by 2030, spanning luxury, premium, select, and extended-stay brands. The projects are expected to create more than 6,000 full-time positions, with a minimum 60 per cent allocated to Saudi nationals. Separately, UK-based Cheval Collection is advancing its Cheval Maison – Sulaymaniyah serviced apartment project in Riyadh, with construction set to begin in early 2027 and completion by end-2028. These developments signal the industry’s bet on rising demand from foreign residents, business travellers, and tourists.

Beyond its borders, Saudi Arabia is simultaneously deploying capital and technology. The cabinet endorsed a joint satellite project with Egypt, the kingdom’s first such bilateral space initiative, though technical details remain undisclosed. In parallel, high-level talks with Guatemala have opened pathways for Saudi Fund for Development financing in infrastructure, agriculture, solar energy, and water management, positioning the Central American country as a recipient of Saudi technical and financial cooperation. The next milestone to watch is the volume of foreign property applications processed through the new portal, which will test the market’s appetite for the long-restricted Saudi real estate sector.