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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Former India hockey coach Michael Nobbs dies
Melbourne (PTI): Former Australian hockey player Michael Nobbs, who coached the Indian men's team at the 2012 London Olympics, has died after a prolonged illness.
He was 72 years old and is survived by his wife Lee Capes, a former Australian women's international and daughter Kaitlin, who is a current Hockeyroos star.
"Hockey Australia extends its deepest condolences to Michael’s family, friends, former teammates, players and all those whose lives and careers were shaped by his contribution to hockey. He will be remembered as a proud Kookaburra, a respected professional, and a servant of the sport," Hockey Australia said in a statement.
Nobbs represented Australia as a defender, playing across the half-back line and at fullback, and was renowned for his reliability, fitness and professionalism. He earned 76 international caps for Australia between 1979 and 1985, scoring one goal, and was a member of one of the strongest eras in Australian men’s hockey, said Hockey Australia on its website in its tribute.
Nobbs was an integral part of the Australian teams that competed at the 1981 Hockey World Cup in Bombay and the 1984 Los Angeles Olympics.
While part of a generation widely regarded as one of Australia’s finest, he consistently held his place through hard work, discipline and trust earned from teammates and coaches, Hockey Australia wrote.
Nobbs took over the coaching of the Indian men's team in 2011 after it had failed to qualify for the Beijing Games in 2008. While India were brilliant in the qualifiers, the team finished last at the London extravaganza which also expedited the Australian coach's sacking.
Apart from India, Nobbs also coached Japan.
