Saudi approves real estate ownership by expats

RIYADH Jan 31,2011 (Arab News): The Shoura Council on Sunday agreed to add a new article to the real estate and investment law to allow foreign residents to own properties in the Kingdom.

The decision was taken at the council's 77th session presided over by Shoura Council Chairman Abdullah Al-Asheikh.

Muhammad Al-Ghamdi, the council's secretary-general, said after the meeting that a proposal by the Shoura's Economic Affairs and Energy Committee to allow non-Saudis living in the Kingdom to purchase real estate in the country was unanimously approved.

Saudi Arabia, the Middle East's biggest economy, needs 1.2 million new homes by 2015, according to Deutsche Bank AG research.

A leading Riyadh-based company launched a scheme recently to provide mortgage loans to expatriates. Samer Farhoud, chief executive officer of Deutsche Gulf Finance, said the program was designed specifically to meet the needs of expatriates residing in the Kingdom who wish to own their homes, with a repayment period of up to 30 years.

The Shoura also re-examined a proposal from the Saudi Council of Engineers and the Council of Saudi Chambers of Commerce and Industry (SCCCI) to impose a health insurance mandate for engineers and architects.

The Shoura also stressed the need to raise environmental awareness among members of the community to maintain a cleaner and safer environment in all parts of the Kingdom.

"The private sector should be made to cooperate with the concerned authorities to keep the environment free of industrial pollutants that are injurious to human health," the council said in a statement.

Some members expressed their opinions indicating the need for the establishment of a new ministry for environment.

The council decided to continue its debate on the annual report submitted by the Presidency of Meteorology and Environment (PME) in the upcoming sessions.

Also on Sunday, Shoura Chairman Al-Asheikh held discussions with Italian Ambassador Valentino Simonetti. During the meeting they reviewed bilateral and inter-parliamentary relations.

The Shoura's Saudi-Italian Parliamentary Friendship Committee Chairman Rashid Al-Kathiri held separate talks with Simonetti. During the meeting, they discussed a number of topics and issues of common interest between the Kingdom and Italy.

Photo Shoura Council Chairman Abdullah Al-Asheikh holds talks with Italian Ambassador Valentino Simonetti, left, at the council's headquarters in Riyadh on Sunday. (AN photo)