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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Sunetra Pawar to take oath as Maharashtra's Deputy CM at 5 pm on Saturday
Mumbai (PTI): NCP's Rajya Sabha member Sunetra Pawar will be sworn-in as the Deputy Chief Minister of Maharashtra, replacing her deceased husband and party chief Ajit Pawar, at the Lok Bhavan here at 5 pm on Saturday.
Lok Bhavan (formerly Raj Bhavan) gave this information.
Governor Acharya Devvrat, who is currently in Mussoorie, will arrive in Mumbai at 4 pm, it said.
NCP's legislature party meeting is scheduled to take place in the city at 2 pm, where Sunetra Pawar is set to be named as its leader. After that she will take oath as the first woman deputy CM of the state.
She held talks with party leaders after arriving here from Baramati early morning on Saturday.
Ajit Pawar, who was deputy chief minister and finance minister in the Devendra Fadnavis-led Mahayuti government, was killed in a plane crash in Baramati along with four others on January 28.
