Saudi arabia to allow foreign property purchases

Saudi Arabia has decided to allow expatriates living in the kingdom to purchase real estate, Arab News has reported.

The Shoura Council agreed to add a new article to the real estate and investment law to allow foreign residents to own properties in the country.

Saudi Arabia, the Middle East's biggest economy, needs 1.2 million new homes by 2015, according to Deutsche Bank AG research.

Source: AMEinfo.com