Saudi Arabia said to push new REIT listings

The Capital Market Authority (CMA), the Kingdom’s market regulator, and the Saudi Stock Exchange (Tadawul) are launching an initiative to facilitate new listings of real estate investment funds (REITs), Al-Eqtisadiah daily reported, citing unnamed sources familiar with the matter.

The move comes as part of the Kingdom’s efforts to encourage private firms to convert into joint stock companies and list their shares on the Saudi exchange, in line with the Saudi Vision 2030.

In July, the CMA approved Musharaka Capital’s request to offer and list units of its REIT on the local bourse.

Tadawul started listing REITs last year in a move aimed at enhancing transparency in the property sector and easing the Kingdom’s housing shortage. 

Five REITs have been listed on Tadawul so far: Riyad REIT, Aljazira Mawten REIT, Jadwa REIT Al Haramain Fund, Taleem REIT and AlMa'athar REIT.