RIYADH: Saudi Arabia has seen a surge in licenses for precious metal and gemstones this year, according to a report by the Al-Eqtisadiah newspaper, citing figures from the Ministry of Commerce.
The ministry has issued 220 licenses in the sectors so far in 2021, the report said. That compares to 270 issued throughout the whole of last year.
The trading or manufacturing of precious metals or gemstones without a license can lead to imprisonment of up to six months and a fine of up to SR90,000 ($24,000).
The ministry reported that 136 violations were recorded this year, while 443 were recorded in 2020.
In trading last week, gold rebounded on Friday after a two-week low. However, Reuters reported that bullion was still on course to register its biggest weekly decline since March. Spot gold was up 1 percent on Friday to $1,889.27 per ounce.
“Part of what we’re seeing in terms of the strength in gold are inflation expectations and those are partly based on the stronger economic data, like higher jobs growth, a broader recovery in the US (and) parts of Europe, and China is still doing well,” Jeffrey Christian, managing partner of CPM Group, told Reuters. “Gold prices will probably continue to trade between $1,855 and $1,920-an-ounce levels,” he said.
Among other precious metals, silver gained 1 percent to $27.73 per ounce, palladium was down 0.1 percent to $2,837.54 and platinum rose 0.5 percent to $1,162.83.
Saudi Arabia sees surge in issuance of precious metal, gemstone licenses
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Saudi Arabia sees surge in issuance of precious metal, gemstone licenses
- The trading or manufacturing of precious metals or gemstones without a license can lead to imprisonment of up to six months and a fine of up to SR90,000 ($24,000)
New ownership rules spark foreign demand for Saudi real estate
RIYADH: Property developers in Saudi Arabia are seeing increased interest from international investors following the Kingdom’s recent amendments to real estate ownership laws, industry figures told Arab News.
Speaking at the Real Estate Future Forum in Riyadh, developers said the new regulations permitting foreign ownership of land are beginning to influence market behavior, including decisions by developers and speculators.
The updated regulatory framework officially came into effect on Jan. 22, enabling non-Saudis to apply for property ownership through the Saudi Arabia Real Estate digital platform.
Under the new rules, foreign individuals, companies, and entities are allowed to own property across the Kingdom, including in major urban centers such as Riyadh and Jeddah. Ownership in Makkah and Madinah, however, remains limited to Saudi companies and Muslim individuals.
Developers say the policy shift is already shaping large-scale projects, including Alma Destination on the Red Sea coast.
The waterfront mixed-use tourism development is opening opportunities for hospitality operators and investors, with plans encompassing residential units, hospitality offerings, marina facilities, and entertainment venues.
Zuhair Bakheet, CEO of Al Thuraya Al Omranya Properties and master developer of Alma Destination, said the project’s location in Jeddah, situated between the holy cities of Makkah and Madinah, enhances its appeal to international buyers.
“If we attract people who would love to have a unit within the Makkah and Madinah region, it’s a good option. If we think of Muslim countries like … Malaysia, Indonesia, Egypt, they would love to have a unit within close proximity of the holy cities,” he said.
Another developer factoring the regulatory change into its strategy is Emaar Economic City, the main developer of King Abdullah Economic City.
Emaar Economic City Chief Investment Officer Ali Al-Khatib told Arab News that the new framework represents a major shift for the sector. “We believe these new regulations for non-Saudi ownership are a significant turning point in the real estate sector in the Kingdom, and specifically for King Abdullah Economic City.
“We’ve already seen interest before the system was launched from last year … we’ve had interests from all around the world from Southeast Asia, from Africa, from Europe, from the West.”
