CMA invites feedback on draft real estate ownership rules for listed firms, funds

The Capital Market Authority (CMA) has invited the public, stakeholders, and market participants to share their feedback on the draft controls governing real estate ownership by listed companies, investment funds, and special purpose entities (SPEs) in Saudi Arabia, including properties in Makkah and Madinah.

The consultation period will run for 15 calendar days, ending on Jan. 14, 2026, the CMA said in a statement today, Dec. 30.

The draft aims to regulate the mechanism by which Saudi-listed companies, licensed investment funds, and SPEs can own real estate and acquire in-kind rights in the Kingdom.

The move is intended to enhance the efficiency of the Saudi capital market, increase its attractiveness to investors, and strengthen its regional and international competitiveness.

The proposed controls specify the listed companies, investment funds, and SPEs, clarifying the controls for non-Saudi natural and legal investors owning equity in these companies under specific conditions and defined ownership limits.

They also regulate the ownership of units in investment funds that invest part or all of their assets in real estate located within the Kingdom, including the two holy cities.

The draft also governs ownership by listed companies for non-operational purposes in Makkah and Madinah, provided that foreign strategic investors do not own any shares or convertible debt instruments in the company at any time.

The CMA emphasized that these controls align with the coming Law of Real Estate Ownership by Non-Saudis, which takes effect in early 2026. The rules do not introduce new provisions but rather provide a framework that keeps pace with the new national legislation.

The new rules, if adopted, will stimulate investment, encourage international participation, and boost foreign capital flows into the Saudi capital market, supporting the goals of Saudi Vision 2030.

Observations and feedback can be submitted via the Istitlaa unified electronic platform or via email.

To view the draft:

The Draft Controls on the Ownership of Real Estate in the Kingdom by Listed Companies, Investment Funds, and Special Purpose Entities

Prescribed form for providing comments