Saudi Arabia’s Cabinet has approved the use of a digital ID to allow non-Saudi, non resident foreigners to own property in the Kingdom.
The General Real Estate Authority will work with key government bodies will develop the system ahead of the new property ownership law taking effect in January 2026.
This move supports clear governance and foreign property ownership under the Saudi Vision 2030 goals.
Approving Digital ID Initiative
To enhance foreign investment in the Kingdom, Saudi Arabia’s Cabinet has recently approved the implementation of a digital ID system.
This initiative is designed to facilitate property ownership for non-Saudi, non-resident foreigners, marking a pivotal step in the Kingdom’s ongoing efforts to attract international investors.
The initiative is expected to streamline the process, making it more accessible and efficient for foreign investors.
Objectives of the Digital ID
The primary objectives of the digital ID initiative include:
- Simplifying Property Transactions: The digital ID will facilitate smoother transactions, reducing bureaucratic hurdles for foreign investors.
- Enhancing Security: By utilizing advanced technology, the digital ID aims to enhance the security of property transactions, protecting both buyers and sellers.
- Promoting Transparency: The initiative is designed to foster transparency in the real estate market, ensuring that all transactions are recorded and traceable.
Collaboration with Government Bodies
To ensure the successful implementation of the digital ID system, the General Real Estate Authority (REGA) will collaborate with several key government entities.
This includes the Ministry of Interior, the Saudi Data and Artificial Intelligence Authority (SDAIA), and the National Information Center. This collaborative approach aims to develop a robust framework for the digital ID system, ensuring it meets the needs of all stakeholders involved.
The Role of the General Real Estate Authority
The General Real Estate Authority plays a pivotal role in the implementation of the digital ID system. As the regulatory body overseeing real estate transactions in Saudi Arabia, REGA is tasked with developing the necessary mechanisms to activate the digital ID.
Responsibilities of REGA
- Developing Guidelines: REGA will establish guidelines and procedures for the use of the digital ID in property transactions.
- Public Engagement: The authority will engage with the public to gather feedback on the proposed system, ensuring it meets the needs of foreign investors.
- Monitoring Compliance: REGA will monitor compliance with the new regulations, ensuring that all transactions adhere to the established guidelines.
Timeline for Implementation
The digital ID system is set to be implemented ahead of the new Foreign Ownership of Real Estate Law, which is scheduled to take effect in January 2026. This timeline allows for adequate preparation and ensures that all necessary systems are in place before the law is enacted.
The Foreign Ownership of Real Estate Law
The approval of the digital ID system coincides with the recent endorsement of the Foreign Ownership of Real Estate Law by Saudi Arabia’s Cabinet. This law is a significant milestone in the Kingdom’s efforts to promote foreign investment in the real estate sector.
Key Provisions of the Law
- Eligibility Criteria: The law outlines the eligibility criteria for non-resident foreigners seeking to purchase property in Riyadh, Jeddah, and under special conditions in Makkah and Madinah
- Types of Properties: It specifies the types of properties that can be owned by foreign investors, ensuring clarity and transparency in the market.
- Regulatory Framework: The law establishes a regulatory framework to govern foreign property ownership, promoting fair practices and protecting the rights of all parties involved.
Impact on Foreign Investment
The Foreign Ownership of Real Estate Law is expected to have a profound impact on foreign investment in Saudi Arabia. By providing a clear legal framework and simplifying the ownership process, the law aims to attract a diverse range of international investors.
Aligning with Saudi Vision 2030
The approval of the digital ID system and the Foreign Ownership of Real Estate Law aligns with the broader goals of Saudi Vision 2030. This ambitious plan aims to diversify the Kingdom’s economy and reduce its dependence on oil revenues.
Economic Diversification
- Attracting Foreign Capital: By facilitating property ownership for non-resident foreigners, Saudi Arabia aims to attract foreign capital, boosting economic growth.
- Creating Job Opportunities: Increased foreign investment is expected to create job opportunities in various sectors, contributing to the overall development of the Kingdom.
Enhancing Global Competitiveness
The digital ID initiative and the new property ownership law are part of Saudi Arabia’s efforts to enhance its global competitiveness. By creating a more investor-friendly environment, the Kingdom aims to position itself as a leading destination for international investment.
Real Estate Boom Awaits
The approval of the digital ID system for non-resident foreigners to own property in Saudi Arabia marks a significant step towards enhancing foreign investment in the Kingdom. By simplifying the ownership process and promoting transparency, this initiative aligns with the broader goals of Saudi Vision 2030.
As the Kingdom prepares for the implementation of the Foreign Ownership of Real Estate Law, the digital ID system is poised to play a crucial role in attracting international investors and fostering economic growth.
Planned Real Estate Projects in Riyadh
Dar Global and Mouawad’s Villa Project
Dar Global, an international real estate developer, has partnered with luxury jeweler Mouawad to unveil a $235 Million Villa Project in North Riyadh, close to the World Expo 2030 site.
The development will include 200 exquisite villas, similar to the prestigious Bulgari Residences, and aims to boost Riyadh’s reputation as a top luxury destination.
Scheduled for completion in 2026, this project represents Dar Global’s debut in Saudi Arabia and Mouawad’s entry into the real estate market.
The Avenues Riyadh
The highly anticipated Avenues Riyadh project, valued at $4.58 billion, has reached 44.5% completion and is scheduled to open in early 2026.
Situated in northern Riyadh, this iconic development, inspired by Salmani architecture, will cover 390,000 square meters and host one of the Middle East’s largest malls.
It will also feature three luxury hotel towers: Waldorf Astoria, Canopy by Hilton, and Conrad. This project supports Saudi Vision 2030’s goal of making Saudi Arabia a leading global tourist destination.
Boulevard Business Park
Saudi Arabia’s General Entertainment Authority has unveiled plans for a $266 million business park at Boulevard City in Riyadh.
Named the “Boulevard Business Park,” this new project will consist of nine buildings with views of the Boulevard City Fountain, an outdoor art gallery, and a suspended pool.
The initiative aims to promote creativity, innovation, and support for entrepreneurs and businesses, in line with Saudi Vision 2030.
New Murabba
The most recent video demonstrates significant advancements in the construction of the New Murabba, the largest contemporary downtown in northwest Riyadh.
A remarkable 5 million cubic tonnes of soil have already been removed, and the project is making notable headway.
This ambitious venture covers an area of 19 square kilometers and will include the distinctive cube-shaped Mukaab at its heart, capable of holding 20 Empire State Buildings.
King Salman Park
King Salman Park, the largest urban park in the world, is scheduled to open in 2024, covering a total area of 16 square kilometers.
The park includes 11 square kilometers of greenery and water features in the heart of Riyadh.
Its major attractions will be a Royal Arts Complex, an equestrian center, an 850,000-square-meter Royal golf course, and the city’s first skydiving center.
In addition, the park will offer over 2,000 hotel rooms and aims to elevate the quality of life in the city, following the goals of Saudi Vision 2030, thereby improving Riyadh’s global ranking.
Riyadh Rise Tower
Saudi Arabia Holding Co. has unveiled its plans for the Rise Tower, which is set to become the world’s tallest skyscraper in Riyadh, surpassing even the renowned Burj Khalifa. The unveiling of Rise Tower’s plans is a significant component of the broader North Pole Project in Riyadh.
Rise Tower is anticipated to exceed 828 meters to outshine the Burj Khalifa. There are speculations that Rise Tower might ascend to a staggering 2 kilometers, doubling the Burj Khalifa’s current height.
With these transformative projects, Riyadh, one of the world’s top 15 fastest-growing cities, is transforming into a city known for its accessibility and quality of life to become among the world’s top 10 cities with an investment of $1 trillion over the next seven years.
Keep Reading: Saudi Arabia’s Cabinet Approves Law to Allow Non Saudis to Own Property From 2026
