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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England sticking with Key, McCullum and Stokes despite Ashes humbling
London (AP): England is not sacking anybody following the 4-1 Ashes loss in Australia.
A review of the tour by the England and Wales Cricket Board, announced within hours of the final match in January, was concluded on Monday. Firing people would “be the easy thing to do,” ECB chief executive Richard Gould said but he insisted, "This is not the time to throw everything out."
Managing director Rob Key, coach Brendon McCullum and captain Ben Stokes kept their jobs after the best England side to go to Australia in 14 years lost the Ashes in 11 days with two games to spare.
“Moving people on can sometimes be the easy thing to do. That's not the route that we're going to take,” Gould said. “I've seen the driving ambition and determination that we're lucky enough to have within our leadership group to take the lessons from the Ashes and move forward.”
Gould previously was the chief executive of Bristol City soccer club and said the ECB would not follow the same route as soccer's hire-and-fire culture.
“Cricket is a very unique sport in that it takes a team of leadership ... it's not like football where there's a single point of failure or success with a manager," he said. He added the ECB would not “select or deselect management based on a popularity campaign.”
The main criticisms of England's tour were poor preparation, player misbehavior, and selection mistakes.
At a press conference at Lord's, Gould and Key said McCullum and Stokes have not had a “bust up,” they did not want McCullum to “completely change” but “to evolve,” the behavior of some players was “unprofessional,” there will be more consequences for underperforming, and a commitment to “better long-term planning” ahead of major test series.
Some changes were already implemented for the Twenty20 World Cup, where England reached the semifinals. Gould implied that performance saved McCullum.
Key acknowledged that England supporters would be disappointed to see the management team go unpunished.
“I know people want punishment and that people then should be sacked for that,” Key said. “That doesn't mean we don't feel like we've gone through some serious pain: Brendon, myself, Ben. It's been as tough a time as I think I've had.”
