São Paulo – The Saudi Capital Market Authority (CMA) has allowed financial market institutions to accept the participation of non-Saudis in real estate funds investing in assets within the city limits of Mecca and Medina. The information was published on the Arab News website, based on a statement from the CMA.
Saudi Arabia only authorized foreigners to own real estate for housing under a license from the Ministry of the Interior and company headquarters with authorization from the Ministry of Foreign Affairs. However, the new decision aims to boost the role of funds as a financing tool for the real estate market.
Translated by Elúsio Brasileiro