Senate session, chaired by its president, Faisal Fayez, and in the presence of the Cabinet, on Thursday approved a bill amending the 2023 Real Estate Property Law, as sent from the Lower House.

During the debate, Senate declined a proposal to return the draft to its competent committee to launch further dialogue, especially Article 3 amending Article 11 of the original law, to end fears related to ownership transfer of state lands to other parties.

This effort came after the bill allowed transfer of state land ownership to wholly- owned government investment funds or companies , and opened the door to offer some plots as in-kind shares in investment projects.

The senators recommended the government to consider the Upper House's deliberations on amending Article 11 as a reference to issue future regulations to implement the law's provisions, referring to steps aimed to set controls that prohibit the investor from running real estate as property.

On a related context, the Senate called on the government to study all ownership forms worldwide, which end with restoring land ownership to the state after a period of time, urging efforts to outline a study on similar projects in the Kingdom and send their details to the Upper House.