Talaat Moustafa Group Holding (“TMG Holding” or “the Group”) welcomes the recent regulatory developments in the Kingdom of Saudi Arabia, where on 23 June 2026, the Saudi Council of Ministers approved the Executive Regulations of the Law of Real Estate Ownership by Non-Saudis, Invest-Gate reports.
and identified the geographical zones in which foreign ownership is permitted, completing a framework first introduced in January 2026 that opened the Kingdom’s real estate market to foreign buyers. The approved zones span designated districts in Riyadh, Jeddah, Makkah, and Madinah. These measures represent a significant milestone for the Saudi real estate space and are expected to drive demand and growth in the sector.
Positive Impact on TMG’s Expansion
In this context, TMG highlights that the above developments are expected to have a positive impact on the Group’s regional expansion in Saudi Arabia, including Banan, TMG’s flagship project in the Kingdom. Launched in 2024 in the Al Fursan area in the north-east of Riyadh, Banan is a fully integrated community spanning an approximate total area of 10 square kilometers and comprising around 25,000 units.
The project draws on TMG’s established track record of delivering high quality, mixed use destinations, and is designed to set a new benchmark for integrated community living in the Kingdom. Backed by the Group’s internationally recognized brand and proven expertise in creating vibrant, self-sufficient communities, Banan is well-positioned to capture growing demand from foreign buyers seeking premium residential offerings aligned with the highest standards of living.
Future Projects Under the PIF Agreement
It is also worth noting that other projects currently being considered under the memorandum of understanding signed with Saudi Arabia’s Public Investment Fund (PIF) are also expected to benefit from increased demand for real estate offerings in Riyadh, Jeddah, Makkah and Madinah, which fall within the geographical areas where non-Saudis (foreigners) are permitted to own real state property.