Developers from the United Arab Emirates and other Gulf states will be encouraged to enter the Kingdom as a result of Saudi Arabia's hospitality to international investors in its real estate sector. Well-known brands like Emaar and Damac are already widely available in the Kingdom.
The opening of a Trump Tower in Jeddah this year, which came shortly before the opening of a skyscraper bearing the Trump name in Dubai, has reportedly demonstrated the amount of demand from international investors, according to real estate sources.
This year, three significant events have brought Saudi property into the public eye: the construction of Trump Tower Jeddah, the increase in the "White Land Tax" to 10% by Saudi Arabia, and the recent legislation allowing foreign investors to own real estate.
