CMA passes new real estate ownership rules for listed firms, investment funds, SPEs

Logo of Capital Market Authority (CMA)

The Capital Market Authority's (CMA) board ratified today, Jan. 22, new controls governing real estate ownership in Saudi Arabia by listed companies, investment funds, and special purpose entities (SPEs).

These rules, which cover ownership rights in Makkah and Madinah, take effect alongside the newly-amended Law of Real Estate Ownership by Non-Saudis, the market regulator said in a statement.

The newly-approved rules will replace the previous guidelines issued in January 2025. The CMA stated that the project aims to regulate the mechanism for these entities to own real estate and acquire in-kind rights across the Kingdom. This move is expected to enhance market efficiency, increase attractiveness for international investors, and bolster regional and global competitiveness.

The CMA emphasized that these controls do not override the obligations of foreign investors and market participants to comply with existing laws, particularly the Law of Real Estate Ownership by Non-Saudis and its executive regulations, whether during active operations or liquidation. These rules align with the new real estate ownership law that entered into force in January 2026.

Under Article 4 of that law, the CMA reserves the right to set the specific controls for listed firms and funds. The authority expects these measures to stimulate investment, improve foreign capital inflows, and support the rapid growth of the local real estate sector in line with Saudi Vision 2030.

Here is the detailed breakdown of the new rules:

New Saudi Real Estate Ownership Rules for Listed Companies, Investment Funds, and SPEs