Arab Finance: Talaat Moustafa Group (TMG Holding) welcomed the Saudi government’s decision to allow foreigners to own a real estate property in Riyadh, Jeddah, Makkah, and Madinah, according to a statement.
The Saudi Council of Ministers approved the Executive Regulations of the Law of Real Estate Ownership by Non-Saudis and identified the geographical zones where non-Saudi citizens can buy real estate.
TMG Holding affirmed that this regulation will reflect positively on the group's regional expansion in Saudi Arabia, including Banan, TMG's flagship project in the Kingdom.
Launched in 2024 in the Al Fursan area in the north-east of Riyadh, Banan is a fully integrated community spanning an approximate total area of 10 square kilometers and comprising around 25,000 units.
The mixed-use development is well- positioned to meet growing demand from foreign buyers seeking premium residential offerings aligned with the highest standards of living.
It is also worth noting that other projects currently being considered under the memorandum of understanding (MoU) signed with the Public Investment Fund (PIF) are also expected to benefit from increased demand for real estate offerings in Riyadh, Jeddah, Makkah, and Madinah.
