Al-Marsad Newspaper: The Chairman of the Capital Market Authority, Muhammad Al-Quwaiz, revealed the reasons for allowing foreigners to invest in real estate in Makkah and Madinah.
guests merciful
Al-Quwaiz said, during an interview with the “In the Picture” program broadcast on the “Rotana Khalijia” channel: The program for serving the guests of Rahman is one of the most important programs for achieving Vision 2030.
projects commercial
He pointed out: “The size and scope of the expected projects to achieve the goals of the holy sites, Makkah and Madinah in terms of their role, the infrastructure they need and the commercial projects.”
the right benefit
He pointed out: “These projects require a very large investment, and for this reason, a long time ago, there was a project to enable investment in usufruct in Makkah and Madinah for non-Saudis for the first time.”
market Finance
He explained: “We have an advantage in the financial market, which is the actual investment funds, which are not direct, because the one who owns the property is the fund, and the real estate and the fund are under the control of the fund manager in the Kingdom. It is a licensed Saudi company under Saudi management and supervision of a Saudi authority.”
benefits economic
He continued: “There is no link in terms of control and decision-making between who is an investor and owner of units in the fund and the actual management of the fund other than reaping the economic benefits and for this reason.”
funds real estate
He continued, “One of the first projects in which investment was opened to foreigners in Makkah and Madinah through real estate funds.”
