INDIASAUDI ARABIA

Expats can invest in real estate funds in Makkah and Madina in Saudi Arabia.

Expats can invest in real estate funds in Makkah and Madina in Saudi Arabia.

Makkah and Madinah real estate investment.

The Saudi Arabian Capital Market Authority (CMA) has enabled financial market institutions to accept non-Saudis’ (Expatriates’) subscriptions to a real estate fund that invests part or all its assets in real estate within the city limits of Makkah and Madinah.

According to a statement made by the Authority, financial institutions must comply with the regulations of non-Saudis owning and investing in real estate of investment funds within the boundaries of the cities of Makkah and Madinah, or when liquidation those assets.

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The decision, according to the authority, would help to strengthen the pillars of the Saudi Vision 2030, which aims to make the Saudi financial sector attractive to local and foreign investment and capable of playing a crucial role in boosting the economy and diversifying its sources of income. Trending Now: Real Estate and Cinema vocations in the Kingdom are being saudized.

Makkah and Madinah real estate-1

Within its strategic plan, the Capital Market Authority hopes to activate the role of investment funds as a financing tool, and the Authority hopes that the funds will contribute to financing many important activities in the economy, such as the Ex and financial sectors, as well as other activities such as refinancing.

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Alaa Al Ibrahim, the head of Alawwal Capital’s Capital Markets Funds Sector, believes that this decision will benefit real estate funds of all types.

Many investors want to invest in Makkah and Madinah real estate, and the decision has removed a key obstacle for residents and expats in the Kingdom to do so.

“I do not believe this is because the fund manager has all of the powers and authority to direct investments in the fund and lead the fund,” he said, adding that this decision is not a first step toward allowing expatriates to own real estate shares in real estate companies that target the two holy cities. Watch More: Gulf Tech & News.

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He added that the judgement also raises the issue of non-Saudi ownership of real estate if the fund is liquidated, and that it does not clash with the ruling that expats are not allowed to acquire real estate in Makkah and Madina in kind.

ismailsesa

Works as an in-house Writer at Gulf Tech Plus and focuses on the latest smart consumer electronics. Closely follows the latest trends in consumer IoT and how it affects our daily lives. You can follow him on Facebook, Instagram & YouTube.

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