Huge Opportunity: Foreigners Can Now Invest in Mecca and Medina Property Companies!
Saudi Arabia has made a significant policy change by allowing foreigners to invest in real estate companies operating in the Holy Cities of Mecca and Medina.
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This move opens up exciting opportunities for international investors looking to tap into one of the most revered locations in the world.
According to the Saudi Capital Market Authority (CMA), foreign investors can select listed real estate companies that own permanent or temporary property assets within these sacred areas.
This decision follows a previous initiative from three years ago, which allowed non-Saudis to subscribe to real estate funds focused on assets in Mecca and Medina.
The new policy aims to boost investment and enhance the attractiveness of the financial market, improving its competitiveness both regionally and internationally.
The CMA stated that this initiative is part of broader efforts to support the local economy by attracting foreign capital and providing essential liquidity for ongoing and future development projects.
Foreign investment in real estate companies within Mecca and Medina is limited to shares of Saudi companies listed on the Tadawul stock exchange or convertible debt instruments.
However, the regulations specify that the total ownership by non-Saudi individuals and entities cannot exceed 49% of a company’s shares.
An exception applies to foreign strategic investors, who are not allowed to own shares or convertible debt instruments in these companies at any time.
The Kingdom is actively working to attract more foreign investment into its real estate market.
In the third quarter of 2024, the General Real Estate Authority issued over 130 licenses for foreign real estate investments, indicating growing interest from global investors.
Abdullah bin Saud Al Hammad, CEO of the Authority, noted that investors are recognizing Saudi Arabia as a prime destination for global investment.
The real estate sector currently accounts for 12% of the Kingdom’s GDP, highlighting its importance to the local economy.
With these changes, the Kingdom is positioning itself as a leading hub for international real estate investment, especially in its iconic Holy Cities.
Don’t miss this opportunity to invest in one of the world’s most significant markets!
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