Saudi Arabia's Capital Market Authority (CMA) has allowed the capital market institutions to accept subscriptions of non-Saudis in the real estate funds that invest in assets within Makkah and Madinah, according to a released statement by the CMA.

 

The CMA stressed that the capital market institutions must ensure compliance with the Law of Real Estate Ownership and Investment by non-Saudis when managing the investments of investment funds in real estate located within the boundaries of the cities of Makkah and Madinah and upon liquidation of those funds, said a Saudi Press Agency report.

 

The authority indicated that the decision will contribute to enhancing the role of the capital market as a diversified financing channel, as well as strengthening the pillars of the Kingdom's Vision 2030, which aims to make the Saudi capital market attractive to local and foreign investment and be able to play a pivotal role in developing the economy and diversifying its sources of income, it said.