Cabinet affirms commitment to real estate balance, tackling rising prices in Riyadh

Saudi Arabia’s Cabinet reaffirmed its commitment to stabilizing the real estate sector and addressing the surge in land and rental prices in Riyadh, according to a statement issued following Tuesday’s meeting chaired by Crown Prince Mohammed bin Salman.

The Cabinet reviewed the progress on measures aimed at achieving greater balance in the capital’s property market, which has experienced significant increases in land and rental prices over the past few years.

The Cabinet also noted that the newly announced discoveries of Arab light crude and natural gas in the Eastern Province and the Empty Quarter represent a qualitative addition to the Kingdom’s energy resources. It said the discoveries would further solidify Saudi Arabia’s economic standing and enhance its ability to meet both domestic and global energy demand for decades to come.

During the meeting, the Cabinet approved several decisions. It endorsed the continued state coverage of entry visa fees for seasonal workers participating in the Hady and Adahi project for the 1446 Hajj season.

It also approved the restructuring of the preliminary committee for resolving insurance disputes and violations in Jeddah, appointing Dr. Sultan Aba Alalaa as chair, with Dr. Khalid Al-Ghamdi and Dr. Abdulatif Basheikh as members.

In addition, the Cabinet approved the establishment of a central operations center for receiving and handling reports of financial fraud. It also granted a license for Bank Syariah Indonesia to open a branch in the Kingdom.