Mohammed El-Quwaiz, chairman of the board of directors of the Saudi Capital Markets Authority (CMA), said the agency intends to allow non-Saudis to invest for the first time in the cities of Mecca and Medina, a listed company that owns real estate in the Holy Land, according to local media reports.
This year, the institution is working to diversify its capital market financing offerings through the development of debt markets, real estate donations, and a range of developments in the fund sector.
Speaking at the Real Estate Future Forum in Riyadh on Monday, El Kuwaiz said the authorities intend to allow non-Saudis to invest for the first time in listed companies that own real estate in Mecca and Medina.
The CMA allows financial market institutions to accept contributions from non-Saudis to real estate funds that invest some or all of their assets in properties within the boundaries of the cities of Mecca and Medina. He explained that there is still a great opportunity for the real estate sector to benefit from different types of financing in the capital markets, whether through an IPO or from the debt market.
As of the end of the third quarter of 2023, the size of assets under management in the real estate fund sector was approximately 170 billion riyals, accounting for one-third of assets under management in the financial markets, which confirms the rapid growth of the real estate financing sector through the financial markets.
（Source: Saudi’s Eye）
