JEDDAH: Once again, the Shoura Council debated the issue of ownership of property by non-Saudis in the border areas of Makkah and Madinah, and yet again stuck to the decision it made last year.
The council explained the meaning of "non-Saudis" as per the text of Article 5 of the law as "the person whose natural status is not to enjoy the Saudi nationality, a non-Saudi company and a Saudi company established or partnered with someone who does not hold the Saudi nationality".
The council earlier debated the view of the Committee on Economic Affairs and Energy on the matter, as well as the problems of irregularities and abuses in the 'Non-Saudis' Property Ownership Law' of real estate. They discussed this with reference to Article 5 which bans non-Saudis from owning property within the borders of Makkah and Madinah.
They also discussed the best way to stop any violation of this law and protect the Saudi investment environment.
The council said there is need to apply serious deterrent penalties for violators of the law. Previously, steps were taken to cover cases of harboring amid positive reactions from property dealers and those concerned and who described the new move as a "wise step."
Shoura sticks to its definition of ‘non-Saudi’ for Makkah real estate
Shoura sticks to its definition of ‘non-Saudi’ for Makkah real estate
