Saudi CMA bans foreign ownership in Makkah, Madinah realty funds

Saudi Arabia’s market regulator, the Capital Market Authority (CMA), has directed listed companies and authorized persons to not allow foreign ownership in real estate funds investing in Makkah and Madinah, Aljazeera newspaper reported, citing unnamed sources.

Foreigners lately sought to invest in realty funds based in Makkah and Madinah through Saudi agents, as they generate high yields.

Non-Saudi Muslims, meanwhile, have the right to lease these real estate properties for a two-year renewable term, it was reported.