In a historic move to attract global investment and support economic diversification, Saudi Arabia’s cabinet, led by Crown Prince and Prime Minister Mohammed bin Salman, has approved a new law regulating property ownership by foreigners in the Kingdom.
The decision was announced following the Cabinet’s weekly session held in Jeddah, during which the Crown Prince also updated ministers on his diplomatic engagements, including a meeting with Indonesian President Prabowo Subianto and a call with German Chancellor Friedrich Merz.
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According to Acting Minister of Media Dr. Essam bin Saeed, the newly approved property law aims to regulate and streamline foreign ownership within Saudi Arabia. While specific details of the law were not disclosed, officials indicated that it is designed to align with the goals of Vision 2030, which seeks to diversify the economy beyond oil and stimulate foreign investment.
The Cabinet meeting also highlighted key outcomes of the first Saudi-Indonesian Supreme Coordination Council, including private-sector agreements in clean energy, petrochemicals, and aviation fuel services — reflecting a shared commitment to a forward-looking economic partnership.
In addition to economic reforms, Saudi Arabia reiterated its active role in maintaining global energy stability, particularly through ongoing coordination with OPEC+ member states to ensure balanced petroleum markets.
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Saudi Arabia’s expanding global influence was also noted through several international milestones:
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Hosting of the 21st UNIDO General Conference in Riyadh this November, focusing on sustainable manufacturing and technological innovation.
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The UN Human Rights Council’s unanimous adoption of a Saudi-sponsored resolution on child protection in digital spaces.
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Saudi Arabia’s continued leadership in cybersecurity and ICT, as recognized in the 2025 World Competitiveness Yearbook and the ITU ICT Development Index.
The Kingdom’s digital economy, now valued at 495 billion Saudi Riyals, reflects its growing global stature in tech and innovation
