Saudi Arabia to allow foreign property ownership

By Kate Ahira2010-06-03T12:15:00+01:00

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Emaar鈥檚 King Abdullah Economic City will be the first zone where foreigners can buy

Non-Saudi nationals will be allowed to own property outright in King Abdullah Economic City, the $27bn project being built by Emaar Economic City, Dubai鈥檚 biggest property developer.

The city, which will be the size of Brussels when completed in 2025, is one of four metropolitan areas under construction in the kingdom.

It will be the first place in which foreigners will be allowed to own property, a change or regulation being implemented to provide new sources of investment for Saudi Arabia.

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