Non-Saudis are allowed to invest in a real estate fund managed by the Capital Market Authority that invests in assets in Makkah and Madinah.
Financial institutions Authority stressed the necessity of adhering to the system of non-Saudis owning and investing in real estate.
According to the authority, the decision will help to increase reliance on the financial sector as a diversified financing route.
The decision also aims to attract both domestic and foreign investment into the Saudi financial sector. It also aims to boost the economy and diversify the country’s revenue streams.
Capital Market Authority is counting on activating the role of investment funds as a tool for financing within its strategic plan.
The authority hopes that the funds will contribute to financing many vital activities in the economy, such as the real estate and financial sector, etc.