Foreign ownership of real estate is only permitted subject to a minimum capital requirement of not less than SR 30 million [approx. USD 8 million], unless for business purposes and entrepreneur/employee residential purposes. Local incorporation is required for legal entities to aquire real estate property in Saudi Arabia. Real estate brokerage is no longer a restricted activity to FDI since 2011 [scores adjusted slightly to record the liberalisation effort in that year]. Foreign ownerhsip of real estate in Medina and Mecca is prohibited [not considered in the OECD FDI Regulatory Restrictiveness Index]. For the purposes of the OECD FDI Regulatory Restrictiveness Index, it is thus retained that foreign investment in real estate (e.g. urban land, residential, commercial or mixed use property) for the purpose of holding as a real estate investment (rather than for the purpose of developing the property and selling [classified under construction] or using it for business operations) is prohibited, unless above total investment is above SR30 million. The scores are adjusted to reflect the reduced scope of the measure.
"Article 2
Without prejudice to the provisions of the laws and agreements, the authority shall issue a license for foreign capital investment in any investment activity in the Kingdom, whether permanent or temporary. [...] If the authority rejects the application within the prescribed period, the decision must be justified, and the party whose application has been rejected shall have the right to appeal such decision according to laws. [...]
Article 4
Subject to the provisions of Article 2, the foreign investor may obtain more than one license for different activities, and the regulation shall specify the necessary requirements.
Article 5
Foreign investments licensed under the provisions of this Law may be in either of the two following forms: -Firms owned by a national and foreign investor; -Firms wholly owned by a foreign investor. The legal form of the firm shall be determined in accordance with Regulation and directives. [...]" (Foreign Investment Law in the Kingdom of Saudi Arabia, 2019) [...]" (Foreign Investment Law in the Kingdom of Saudi Arabia, 2019)
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"11.03 Types of Licenses, Minimum Capital Requirement and Percentage of Saudi Partnership [...]
7. Property Investment: Minimum Capital (SR): The value of each project is not less than30,000,000 (covering land and construction) ; the land and building will be outside the perimeter of the two Holy Mosques [...]" (Ministry of Investment, Services Manual [8th edition], Jan 2020)
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"Article 5:
Foreign Investment projects shall enjoy all the benefits, incentives and guarantees extended to national projects, including the following:
1. The incentives stipulated in the Protection and Promotion of National Industries Act issued by Royal Decree No. 50 dated 23.12.1381 H.
2. Ownership of real estate required to carry out the investor's licensed activity or for his residence and his staff housing according to the provisions of the Regulation of Ownership and Investment in Real Estate by Non–Saudis issued by Royal Decree No. M/15 dated 17.04.1421 H. [...]" (Executive Rules of the Foreign Investment Act of 2019)
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Article 1
A. A non-Saudi investor with natural or corporate personality, licensed to practice any professional, vocational, or economic activity may acquire the real estate necessary for practicing the activity. It shall include the real estate required for his residence and the residence of his employees, pursuant to the approval of the body issuing the license. Said real estate may also be rented subject to the provisions of Article 5 of this Law.
B. If the abovementioned license includes purchasing buildings or lands in order to construct buildings on them and invest them by means of selling or renting, the total cost of the project, land and construction, shall not be less than 30,000,000 riyals. This amount may be amended by the Council of Ministers. It is also stipulated that such real estate be invested within five years from its acquirement.
[...]
Article 5
1. Other than by way of inheritance, a non-Saudi may not have the right to ownership, easement, or benefit of real estate located within the boundaries of the cities of Mecca and Medina. Acquirement of right to ownership shall be excepted if the owned real estate is endowed to a specific Saudi entity, in accordance with the provisions of Sharia, and provided that it is stipulated in the endowment document that the relevant endowment entity has the right to practice trusteeship over the endowed property, in accordance with the Regulations. 
2. The term "Non-Saudi" mentioned in paragraph (1) of this Article shall mean the following:
a) a natural person not holding the Saudi nationality. b) a non-Saudi company. c) a Saudi company founded, co-founded, or partially owned by a natural or corporate person not holding the Saudi nationality [...]" (Law of Real Estate Ownership and Investment by Non-Saudis of 2000 [Regulation of Ownership and Investment in Real Estate by Non–Saudis issued by Royal Decree No. M/15 dated 17.04.1421 H)
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"The Cabinet [...] Decides:
Modifying the list of types of activity excluded from foreign investment, issued by the Supreme Economic Council (canceled) by its decision No. (1-28) and the date of 5-3-1428 AH, by excluding from the services sector mentioned in that list, the following: [...]
Fourth: Real estate brokerage services. [...]" (Cabinet Resolution No. (103) dated 14-2-1440 A.H [23-10-2018])
Foreign Investment Law of Saudi Arabia, 2019
Ministry of Investment, Services Manual [8th edition], Jan 2020
Executive Rules of the Foreign Investment Law of Saudi Arabia, 2019
Law of Real Estate Ownership and Investment by Non-Saudis of 2000, Royal Decree No. M/15 dated 17.04.1421 H [20/07/2000]
Cabinet Resolution Resolution No. (103) dated 14-2-1440 A.H [23-10-2018]
[<a href="https://mci.gov.sa/en/Regulations/Pages/details.aspx?lawId=cdc59d89-7c3b-456e-a66b-a81e0098e03b">Act</a>],[<a href="https://www.misa.gov.sa/media/1128/moi-service-manual-8th-edition-en-v4.pdf">List</a>],[<a href="https://mci.gov.sa/en/Regulations/Pages/details.aspx?lawId=cdc59d89-7c3b-456e-a66b-a81e0098e03b">Rules</a>],[<a href=" Available at">Law</a>],[<a href="Resolution">https//www.moj.gov.sa/Documents/Regulations/pdf/En/37.pdf</a>]