Saudi Arabia allows investors to build housing projects for partial land ownership

JEDDAH — The Council of Ministers has approved a framework allowing investors to develop planned land and construct housing units for beneficiaries of developmental housing programs in exchange for ownership of a percentage of the land. During its session held in Jeddah on Tuesday, chaired by Crown Prince and Prime Minister Mohammed bin Salman, the Cabinet also approved a one-year extension of the deadline for rectifying undocumented real estate transactions. At the outset of the session, the Crown Prince briefed the Cabinet on his telephone conversation with United States President Donald Trump, during which they discussed developments in the region and their repercussions at various levels. He reaffirmed Saudi Arabia’s emphasis on prioritizing dialogue to reduce tensions and underscored the importance of making every effort to achieve calm that would pave the way for diplomatic solutions contributing to regional security and stability. The Crown Prince also updated the Cabinet on his telephone conversations with King Hamad bin Isa Al Khalifa of Bahrain, Syrian President Ahmed Al-Sharaa, Turkish President Recep Tayyip Erdogan, and Prime Minister of Spain Pedro Sanchez. The discussions focused on enhancing prospects for cooperation between Saudi Arabia and their respective countries across various sectors, in addition to addressing issues of mutual interest. In a statement to the Saudi Press Agency following the session, Minister of Education and Acting Minister of Media Yousef Al-Benyan said the Cabinet welcomed the growing international support for aligning with and joining the multinational maritime defense alliance launched by Saudi Arabia. The Council viewed this as a reflection of the Kingdom’s pioneering role in strengthening regional and international security and stability, while reinforcing multilateral cooperation among nations. This includes establishing a joint framework to safeguard international shipping lanes, trade routes, and energy supplies from escalating threats in the Red Sea, the Bab al-Mandab Strait, and the Gulf of Aden. The Cabinet expressed its hope that the historic agreement on disarmament in the Gaza Strip would mark the beginning of a comprehensive political process leading to the full implementation of the comprehensive peace plan, guaranteeing the Palestinian people’s right to self-determination and the establishment of their independent state. The Council commended the efforts of Egypt, Qatar, Turkiye, the United States of America, and the Peace Board in securing this achievement. The Cabinet reaffirmed the Kingdom’s commitment to expanding its humanitarian and relief efforts by hosting the fifth session of the Riyadh International Humanitarian Forum in April 2027. The forum has become a leading global platform for strengthening international cooperation in the humanitarian sector, fostering sustainable strategic partnerships, and facilitating the delivery of aid to vulnerable and affected communities worldwide. The Cabinet also reviewed reports and performance indicators for several national programs and strategies, commending the achievements of the Doyof Al-Rahman Service Program. It praised the continuous progress driven by the program’s initiatives and projects, which reflect Saudi Arabia’s and its leadership’s steadfast commitment to serving the Two Holy Mosques and their visitors. The Council also highlighted the Kingdom’s longstanding dedication to providing the highest standards of service to Hajj and Umrah pilgrims by mobilizing all available resources and capabilities to ensure their comfort from arrival to departure. Minister Al-Benyan noted that the Cabinet welcomed the International Monetary Fund’s 2026 Article IV Consultation Report, which affirmed the resilience of the Kingdom’s economy and its ability to adapt to challenges. The report attributed this resilience to strong economic fundamentals, a diversified economic base, prudent long-term fiscal planning, financial and monetary stability, and the structural reforms implemented under Saudi Vision 2030. These reforms have driven a decade of economic transformation by strengthening institutional frameworks, enhancing performance, diversifying the economy, improving healthcare and education outcomes, and achieving several strategic targets ahead of schedule. The Cabinet approved a general cooperation agreement between the governments of Saudi Arabia and Ecuador. It also approved an agreement between the governments of Saudi Arabia and Kazakhstan on the promotion and reciprocal protection of investments. The Council further approved a memorandum of understanding between the Saudi General Authority of Civil Aviation and the Spanish Ministry of Transport and Sustainable Mobility to enhance cooperation in the field of civil aviation. It also approved a cooperation agreement between the Saudi General Authority of Transport and the Somali Ministry of Ports and Maritime Transport in the field of maritime transport. The Cabinet authorized the Minister of Education, Chairman of the Board of Directors of the Technical and Vocational Training Corporation, or his deputy, to discuss and sign with the Korean side a draft memorandum of understanding between the Corporation and the KDI School of Public Policy and Management at the Korea Development Institute in the field of technical and vocational training. The Council also approved a memorandum of understanding between the Saudi Space Agency and the Turkish Space Agency to cooperate in the peaceful uses of outer space.The Cabinet approved the Government Tenders and Procurement Law and the bylaws of the International Center for Artificial Intelligence Research and Ethics. It also approved the Ministry of Interior, represented by the General Directorate of Medical Services, joining the International Hospital Federation. The Council authorized regional offices of financial institutions licensed by the Ministry of Investment to conduct cross-border financial activities approved by the Financial Sector Development Program Committee.