Saudi Arabia allows foreigners to invest in the shares of property companies in Mecca and Medina

Saudi Arabia has allowed foreigners to invest in companies listed in the financial market that have permanent or temporary real estate within the borders of the cities of Makkah Al -Mukarramah and Al -Madinawa, according to a statement issued by the Capital Market Authority. The step that came after three years of allowing not -saudis participate in the real estate funds invested within the borders of the cities of Makkah Al -Mukarramah and Al -Madinah Al -Munawwara, or the future by the available investment products in the Saudi market to be funded for these specific development projects, “according to the declaration of the authority. -Ins listed in the Saudi financial market, or the transfer that can be transferred to shares, or both, provided the ownership of persons with a natural and legal capacity that does not have Saudi nationalism (49%) of the company’s shares, with the exception of foreign strategic investors who are never entitled to the shares. Saudi Arabia aimed at attracting more foreign investment for its real estate market, as the real estate authority issued more than 130 licenses for foreign real estate investments in the third quarter of 2024, according to what Abdullah Bin Saud Al Hammad, CEO of the Real Estate Authority, said during the future Real Estate Forum. In his speech, Al -Hammad did not provide comparison numbers. Al -Hammad added that these licenses reflected “the confidence of world investors and the attraction of the kingdom as a destination for global investment and the increasing opportunities for international investors in the Saudi property sector and the strength of its legislation.” According to Al -Hammad, the real estate sector contributes up to 12% of GDP. 20 Legislation and 192 licenses in the Kingdom established the sector in the Kingdom as one of the pillars of the economy and economic transformation engines that did not come from a vacuum, as the Kingdom has been issued more than 20 basic real estate legislation over the past few years, which has been announced by the general real estate, with the aim of organizing the sector, the attraction and of the giant accommodation, on the basis of the grid, which is on the grid, and that is to slow down the grid, according to the grid, at the head of municipalities and housing. Also read: Data centers are a new locomotive for real estate investment in Saudi Arabia, the minister, in his speech on the forum, that this organizational framework is aimed at facilitating and organizing the terms of real estate projects on the map. He added that the legislation of the organization for the sector has contributed a remarkable growth over the past year, as 192 licenses have been issued for projects exceeding the total value of 147 billion Riyals, equivalent to $ 39 billion.