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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RSS man's defamation case against Rahul: Key witness unavailable, hearing adjourned to Dec 20
Thane (PTI): A court in Bhiwandi in Thane district on Saturday adjourned the hearing in the criminal defamation case filed against Congress leader Rahul Gandhi by a Rashtriya Swayamsevak Sangh (RSS) worker to December 20 due to non-availability of a crucial prosecution witness.
Advocate Narayan Iyer, counsel for Rahul Gandhi, confirmed the adjournment, stating that the witness, Ashok Saykar, currently Deputy Superintendent of Police in Barshi in Solapur, could not remain present due to personal reasons.
Saykar's evidence is now likely to be recorded on December 29.
His testimony is considered key because he, as police sub inspector in 2014, conducted the preliminary inquiry into the private defamation matter under Section 202 of the Code of Criminal Procedure (CrPC).
It was on the basis of Saykar's submitted report that the court subsequently issued process (summons) against Rahul Gandhi under Section 500 of the Indian Penal Code (IPC).
The criminal defamation case was filed by local RSS worker Rajesh Kunte following a speech given by Rahul Gandhi at an election rally near Bhiwandi on March 6, 2014.
The case stems from the Congress leader's alleged statement that "the RSS people killed (Mahatma) Gandhi."
The matter is being heard by Bhiwandi Joint Civil Judge, Junior Division, P M Kolse.
The hearing had previously been adjourned on November 15 after the complainant's counsel, Advocate Prabodh Jaywant, moved an application seeking permission to examine Saykar, who had submitted the probe report to the court.
The matter was originally scheduled for November 29 but was deferred to December 6 after Rahul Gandhi's legal team sought an adjournment citing their non-availability. The proceedings will now resume on December 20.
