Wed 10 November 2021:
Saudi Arabia’s Capital Market Authority (CMA) on Monday allowed market institutions to accept subscriptions from non-Saudis in the real estate funds that invest in assets within the boundaries of Makkah and Medina, the official Saudi Press Agency (SPA) reported.
“CMA stressed that the capital market institutions must ensure compliance with the Law of Real Estate Ownership and Investment by Non-Saudis when managing the investments,” SPA reported.
CMA explained that the decision will contribute to relying on the capital market as a diversified financing channel which is in line with the government initiative Vision 2030, which aims to make the Saudi capital market attractive to local and foreign investment and diversify the kingdom’s sources of income.
Head of the Capital Markets Funds Sector at Alawwal Capital Alaa Al-Ibrahim said that this decision would have positive impact on real estate funds of all kinds.
Speaking to Al-Arabiya channel, he said that many investors want to invest in real estates in Makkah and Madinah, and the decision removed a major obstacle for residents in the Kingdom and those abroad to invest in these funds.
In June 2015, Saudi Arabia allowed international investors to buy local shares directly, in a bid to attract more foreign capital and reduce its dependence on oil revenues.
The kingdom is seeking to attract $500 billion in investments to build its future model city, NEOM, the main pillar of Vision 2030.
_____________________________________________________________________________
FOLLOW INDEPENDENT PRESS:
TWITTER (CLICK HERE)
https://twitter.com/IpIndependent
FACEBOOK (CLICK HERE)
https://web.facebook.com/ipindependent
Think your friends would be interested? Share this story!
