Saudi Arabia opens real estate market in Makkah, Madinah to foreign investors
Riyadh: In a significant policy shift, Saudi Arabia's Capital Market Authority (CMA) has introduced new regulations allowing foreign investors to invest in real estate companies operating in the holy cities of Makkah and Madinah. The decision, effective immediately, aims to attract foreign capital, boost economic growth, and enhance liquidity in the real estate sector.
The new regulations fall under the "Controls for the Exclusion of Companies Listed in the Saudi Stock Exchange (Tadawul) from the Meaning of the Phrase (Non-Saudi)," as outlined in the Law of Real Estate Ownership and Investment by Non-Saudis. Under the new policy, foreign investors can now purchase shares and convertible debt instruments of Saudi-listed real estate companies in Makkah and Madinah, with a collective ownership cap of 49% for non-Saudi individuals and institutions. However, strategic foreign investors remain excluded from owning shares or debt instruments.
This move aligns with Saudi Arabia’s Vision 2030, which focuses on diversifying the economy and strengthening the capital market’s global competitiveness. By opening up investment opportunities in Makkah and Madinah, the CMA aims to attract international funds and bolster the market’s position as a regional financial hub.
Alongside this reform, the CMA has introduced additional measures to facilitate foreign investment, including direct investment in the Saudi stock market, investment through swap agreements, and the acquisition of debt instruments and real estate funds. Additionally, Saudi-listed companies can now own or lease properties in Makkah and Madinah for their headquarters or branches, provided they use these properties exclusively for operational purposes.
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Case registered against associate film director for sexual assault of model in Kochi
Kochi (PTI): Police on Saturday said they had registered a case against an associate director in the film industry for "sexually assaulting" a model here.
The case was registered against Jojo Kurishinkal of Chengannur in Alappuzha district at the Maradu police station on May 6.
Kurishinkal has worked in several films as an assistant and associate director.
According to the FIR, the complainant, a model based in Kochi, met Kurishinkal through a dating app in July 2023.
The FIR stated that the accused told the complainant he was a film director and had separated from his wife before proposing marriage to her.
He later allegedly assured the complainant and her mother that he would go ahead with the marriage once the legal procedures related to his divorce were completed, the FIR said.
According to the FIR, the accused later invited the complainant to his apartment in Vyttila on April 18, 2024, where he "sexually assaulted" her.
The FIR further alleged that he continued to sexually harass the woman thereafter. It also stated that the accused had "physically assaulted" the complainant on multiple occasions before later refusing to marry her.
Based on the complaint, police registered a case under Section 376(2)(n) of the Indian Penal Code for repeatedly raping the same woman.
Police said the woman’s confidential statement would be recorded, following which the accused would be summoned for questioning.
