RIYADH: The Saudi Cabinet on July 22 approved the unified rules for owners of jointly owned properties in the Gulf Cooperation Council Countries, a move aimed at strengthening the regulatory framework for jointly owned properties across the region.
The decision was taken during a Cabinet session in Jeddah chaired by King Salman bin Abdulaziz, Al-Eqtisadiah reported.
In a post on X, Majid Al-Hogail, minister of municipalities and housing, said: “We welcome the Council of Ministers’ approval of the unified rules for owners of jointly owned properties across the GCC.”
He added: “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.”
The Cabinet also approved transferring authority to issue 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, 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.
It also endorsed a mechanism to integrate the roles of the Nuclear and Radiological Regulatory Commission and the National Cancer Center at the Saudi Health Council to meet nuclear and radiological oversight requirements.
Economic performance
The Cabinet reviewed a number of economic reports and indicators, noting that the Kingdom’s annual inflation rate remained stable at 1.8 percent, reflecting the impact of economic reforms and fiscal policies in supporting growth and macroeconomic stability.
It also highlighted Saudi Arabia’s rise to 13th place globally among the largest recipients of foreign direct investment in 2025, according to the UN Conference on Trade and Development. Net FDI inflows rose 53 percent to $32.6 billion, supported by the growing competitiveness of the energy, infrastructure, technology, advanced industries and logistics sectors.
The Cabinet praised national efforts that contributed to the Kingdom’s participation in the 2026 High-Level Political Forum at the UN and welcomed the progress outlined in the 3rd Voluntary National Review, particularly in water security, renewable energy, healthcare, digital government, industrial development and economic growth.
International cooperation
The Cabinet authorized the minister of commerce to negotiate and sign a draft memorandum of understanding with China’s State Administration for Market Regulation on cooperation in addressing technical barriers to trade.
It also approved an MoU between the General Directorate of Financial Investigations of the State Security Presidency and Ethiopia’s Financial Intelligence Service to strengthen cooperation in exchanging information related to money laundering, related crimes and terrorism financing.
Another approved agreement was an MoU between the Saudi Space Agency and the UN on cooperation in the peaceful uses of outer space.
