Why Invest?
Saudi Arabia is a signatory to various regional agencies guaranteeing a level playing field to foreign investors. It is a member of the Multilateral Investment Guarantee Agency (MIGA). The Kingdom, hence, ensures the same treatment, protection and incentives accorded to a national capital.
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Market Report
The housing market in the Kingdom is set for a major upturn. Market dynamics show that demand is outstripping supply.
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Economic Overview
Saudi Arabia has an oil-based economy with strong government controls over major economic activities. Saudi Arabia claimed to be in possession of 260.1 billion barrels of oil reserves as of 2003, about 24% of the world's proven total petroleum reserves. It ranks as the largest exporter of petroleum and plays a leading role in OPEC.
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Visa/Residency Issues
Before leaving to come to Saudi Arabia, make sure you understand your legal situation. Depending on your nationality, you might need a visa, residence permit and/or work permit. In addition to a visa, anyone entering Saudi Arabia is required to have a passport with at least six months' remaining validity, a return air ticket, and a Saudi Arabian sponsor, which is usually the employer or the family member working in the country. People entering Saudi Arabia to work must be at least 22 years of age.
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Getting to Saudi Arabia
An approximate flight time to Jeddah (from Jeddah you can travel to Mecca by road and it will take about 40 minutes) from London is 5 hours and 50 minutes.
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Fees & Taxes
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Saudi Arabia
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Basic Information
| Population |
24,300 000 (2003 est.) |
| Languages |
Arabic is the official language (English is widely spoken in business circles) |
| Area |
2.25 million square kilometres |
| Currency |
Saudi Riyal (SR) |
| Dialing Code |
+966 |
| Emergency Services |
999 |
Saudi Arabia Overview
Saudi Arabia is the largest country on the Arabian Peninsula. It borders Jordan on the northwest, Iraq on the north and northeast, Kuwait, Qatar, Bahrain, and the United Arab Emirates on the east, Oman on the southeast, and Yemen on the south, with the Persian Gulf to its northeast and the Red Sea to its west. It is called "the land of the two holy mosques", a reference to Mecca and Medina, Islam's two holiest places. Saudi Arabia is the world's leading petroleum producer and exporter.
Average Property PricesComing soon.
Buying Process
- Foreigners are allowed to own real estate, subject to approval of the licensing authority. However, foreign ownership is forbidden in Mecca and Medina, except through inheritance, Non-Saudi Muslims are can obtain leases of up to two years in these cities. Leases are renewable for the same period.
- The price is negotiated between buyer and seller and facilitators, including land brokers and lawyers, who tend to arrange for private land sales.
- Once a private purchase agreement has been negotiated, an investor must go to the local Sharia Court to ensure that the land in question is really owned by the seller, and must record transfer of title.
- The Court will stamp the title document to indicate the legal transfer of ownership.
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