Non-Saudis Real Estate Funds investment, Allowed -CMA Says

The Capital Market Authority (CMA) allowed the financial market institutio t accept subscriptions of non-Saudis, in the real estate funds, that invest part or all of its assets within the boundaries of the two holy cities of Makkah and Madinah.

Stressing financial institutions necessity of adhering to the system of non-Saudis owning and investing, in real estates, CMA indicated that shall take place when managing funds investment, in real estates, located within the cities two cities, or upon liquidation of those funds.

The authority explained that the decision will contribute to relying on the financial market as a diversified financing channel, as well as strengthening the pillars of the Kingdom’s Vision 2030, which aims to make the Saudi financial market attractive to local and foreign investment and able to play a pivotal role, in developing the economy and diversifying its sources of income.

CMA is counting on activating the role of investment funds as a tool for financing within its strategic plan, and hoping that the funds will contribute to financing many vital activities, in the economy, such as the real estate and financial and the small and medium sectors’ companies, in addition to other related activities such as refinancing.

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