2000 News Story

SEC approves bill on foreign real estate investment

The Supreme Economic Council (SEC) met today under the chairmanship of Deputy Prime Minister and Commander of the National Guard Crown Prince Abdullah Bin Abdul Aziz, and endorsed the draft bill concerning ownership of and investment in real estate by non-Saudis, sending it to the cabinet for final approval. Crown Prince Abdullah expressed satisfaction at the public response to the issuance of the Foreign Investment Law and the establishment of the General Commission for Investment. The meeting then went on to review the broad lines of the proposed income tax bill, suggesting that for Saudi nationals the Islamic zakat [alms] is sufficient.