CMA approves listing Derayah REIT on Tadawul

06/12/2017 Argaam

The Saudi Capital Market Authority (CMA) has approved Derayah Financial Corporation Company’s request to offer, register and list units of the Derayah real estate investment traded fund (REIT) on the Saudi Stock Exchange (Tadawul).

 

Terms and Conditions (T&Cs) of the REIT can be obtained from the fund manager’s website and the CMA website, the regulator said in a statement on Wednesday.

 

Last year, the CMA approved a request by Riyad Capital to register and list its REIT as the first real estate investment traded fund in the market.  

 

Five other REITs have been listed on Tadawul since then which are Aljazira Mawten REIT in January, Jadwa REIT Al-Haramain Fund in April, Taleem REIT in May, AlMa’athar REIT in August, and Musharaka REIT last month.

 

Tadawul started listing REITs in 2017 in a move that could potentially enhance transparency in the property sector and ease the Kingdom’s housing shortage. 

 

The REITs will allow investors to access the local real estate market through purchasing existing, developed property.  

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