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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ED undertakes raids in Jharkhand Ayushman Bharat 'fraud' case
Ranchi, Apr 4 (PTI): The Enforcement Directorate on Friday conducted multi-state searches, including at the premises of the private secretary of former Jharkhand health minister Banna Gupta, as part of a money laundering probe into alleged irregularities in the Centre's Ayushman Bharat scheme, official sources said.
The officials of the federal probe agency raided 21 locations in Jharkhand, Delhi and West Bengal under the provisions of the Prevention of Money Laundering Act (PMLA), the sources said.
Premises linked to Om Prakash Singh, Gupta, apart from that of "key suspects", including consultants and former executives of associated firms, were raided early morning. A security team of central paramilitary personnel accompanied the officials of the federal probe agency.
Locations of officials linked to the Jharkhand State Arogya Society (JSAS), employees and offices of Third-Party Administrators (TPAs) like MD India, Safeway, Medi Assist and their associates were also raided, they said.
There was no immediate response to the ED action by Gupta or his PS.
ED teams raided a house in Mango locality and a nursing home along NH-33 in Jamshedpur city apart from locations in Ashok Nagar and Bariyatu in state capital Ranchi.
In Kolkata, the offices of some "entry operators" or hawala dealers are being raided, the sources said.
The ED, agency sources said, suspects that "proceeds of crime" were generated through systematic "fraud" within the Ayushman Bharat scheme through "manipulation" of hospital empanelment and processing of "fake" claims facilitated by a "nexus" demanding commissions and kickbacks.
Ayushman Bharat is a flagship scheme of the Union government which aims to achieve universal health coverage for citizens.
