For the first time, the Capital Market Authority (CMA) in Saudi Arabia allowed the financial market institutions to accept the subscriptions of non-Saudis in the real estate funds that invests in assets within the boundaries of Makkah and Madinah.
The ownership system for non-Saudis in the Kingdom stipulates that non-Saudis are allowed to own real estate for their own residence, after obtaining a license from the Ministry of Interior, and for foreign representations to own their official headquarters on the condition of obtaining a license from the Minister of Foreign Affairs.
This is the first time the Saudi government has allowed foreigners to make investment in real estate funds in Makkah and Madinah.
