RIYADH: In an effort to improve the regulatory framework for jointly owned properties throughout the region, the Saudi Cabinet approved the unified rules for owners of jointly held properties in the Gulf Cooperation Council Countries on July 22.
According to Al-Eqtisadiah, King Salman bin Abdulaziz presided over a Cabinet meeting in Jeddah where the decision was made. We welcome the Council of Ministers’ approval of the unified rules for owners of jointly owned properties across the GCC,” stated Majid Al-Hogail, the minister of municipalities and housing, in a post on X.
The regulations strengthen the integration of Gulf real estate legislation, improve governance of common areas, protect owners’ rights, enhance asset management efficiency, and support a more sustainable and attractive investment environment,” he continued.
Additionally, the Cabinet approved the transfer of authority from the Ministry of Commerce to the Ministry of Interior, the Supreme Authority for Industrial Security, the Ministry of Industry and Mineral Resources, and the Saudi Food and Drug Authority for the issuance of import, export, and re-export permits for chemical substances circulating in local markets, as well as permits for their release under the Chemicals Management System.
Also Read:
Discover 22 Exciting Activities in Riyadh for the Week Ahead
