1. Is a local partner required in any part of the
construction process?
A local partner is not required in any part of the construction
process.
As a matter of fact, article 8 of the Saudi Foreign Investment
Law (SFIL) provides that a foreign firm (wholly owned by foreign
investor(s)) licensed under the SFIL may acquire necessary real
estate as needed for operating the licensed activity, or for
housing all or some of its staff, subject to the provisions
governing real estate ownership for non-Saudis.
Section 2 of article 1 of the Real Estate Ownership for
Non-Saudi Law (REONSL) issued by the Royal Decree No. M/15 dated
17/4/1421H (July 19, 2000G) provides the following:
"If the license includes buying buildings or lands to
construct buildings on sell or lease them, the minimum total cost
of the project should not be less than thirty million
Riyals..."
