Saudi Arabia approves new law on property ownership by foreigners
New legislation expands investment potential; Kingdom reaffirms global leadership in cybersecurity and digital transformation
JEDDAH, Saudi Arabia (MNTV) — Saudi Arabia has approved a new law regulating property ownership by non-Saudis, marking a significant development in the Kingdom’s strategy to attract foreign investment and expand economic opportunities.
The decision was announced during the Cabinet’s weekly session held in Jeddah, chaired by Crown Prince Mohammed bin Salman, according to Saudi Gazette report.
The session opened with a briefing by the Crown Prince on his recent meeting with Indonesian President Prabowo Subianto and a phone conversation with German Chancellor Friedrich Merz.
According to a statement by Acting Minister of Media Dr. Essam bin Saeed, the Cabinet praised the outcomes of the inaugural Saudi-Indonesian Supreme Coordination Council meeting, emphasizing strengthened bilateral relations and the signing of a series of agreements and memoranda of understanding.
These covered areas such as clean energy, petrochemicals, and aviation fuel services—sectors aligned with both countries’ shared goals for economic cooperation and sustainability.
The Cabinet also reaffirmed Saudi Arabia’s contributions to global economic stability, particularly through coordination with OPEC+ partners to ensure balance in the petroleum markets.
Ministers welcomed the Kingdom’s upcoming hosting of the 21st General Conference of the United Nations Industrial Development Organization (UNIDO), scheduled for November in Riyadh.
The conference will serve as a platform to address challenges in sustainable manufacturing, innovation, and industrial transformation.
In the digital sector, the Cabinet applauded the unanimous adoption of a Saudi-sponsored resolution at the UN Human Rights Council aimed at protecting children online.
The resolution is part of the global “Child Online Safety” campaign initiated by Crown Prince Mohammed bin Salman and reflects Saudi Arabia’s commitment to creating a secure and inclusive digital environment.
Saudi Arabia’s leadership in digital development was further underscored by its top global ranking in the International Telecommunication Union’s 2025 ICT Development Index.
The Kingdom also retained its first-place position in global cybersecurity performance, according to the 2025 World Competitiveness Yearbook.
Dr. Essam attributed these milestones to strong investments in digital infrastructure and a growing digital economy valued at SR495 billion.
The Cabinet also reviewed recent progress in the national anti-narcotics campaign, commending intensified operations targeting organized drug trafficking networks and broader public health initiatives.
Additional decisions included the approval of an updated National Transport and Logistics Strategy, ratification of the organizational framework for the General Authority for Irrigation, and formal adoption of World Drowning Prevention Day, to be observed annually on July 25.
Lastly, the Cabinet approved a directive for the Social Development Bank to launch a new guarantee program targeting financially vulnerable groups.
The initiative aims to enhance access to credit through both the bank and other lending institutions.
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