Saudi Arabia permits foreigners to invest in listed property companies in holy cities
Saudi Arabia has said that it will allow foreigners to invest in publicly-traded companies owning real estate in the holy cities of Makkah and Madinah, in a move design to attract additional overseas investment.
Foreigners will be able to invest in shares and convertible debt instruments in companies listed on the Saudi capital market that own real estate within the boundaries of the two holy cities, the Saudi Capital Market Authority (CMA) said in a statement.
However, the ownership of non-Saudi nationals cannot not exceed 49% of the company’s shares. An exception applies to strategic foreign investors, who are not permitted to own shares or convertible debt instruments in these companies.
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