Saudi Arabia's Capital Market Authority allowed the financial market institutions to accept subscriptions of non-Saudis in the real estate fund; which invests part or all of its assets in a real estate; located within the boundaries of the cities of Makkah and Madinah CMA said in a statement on Monday.
The authority stressed the necessity of financial institutions to adhere to the provisions of the law that allows non-Saudis to own and invest in real estate of investment funds; located within the boundaries of Makkah and Madinah, or when liquidating those funds.
"The 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 of investment funds in real estate; located within the boundaries of the cities of Makkah and Madinah; and upon liquidation of those funds," said an SPA report.
The authority said that the decision would contribute to relying on the financial market; as a diversified financing channel. Besides, strengthening the pillars of the Saudi 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.
The CMA's move aims to activate the role of investment funds as a tool for financing within its strategic plan.
It also hopes that the funds would contribute to financing many vital activities in the economy; such as the real estate and financial sector and the sector of small and medium companies, in addition to other activities such as refinancing businesses.
In other news, the Saudi Shura Council called on civil aviation authorities in the Kingdom to provide a competitive operating environment that attracts investors, establishes privatization processes, and supports technical innovation.
The Council also urged continuing to expand the recruitment of women.
