RIYADH, NOV 9: The Capital Markets Authority (CMA) of Saudi Arabia announced that it will allow capital market institutions to accept subscriptions of non-Saudis in the real estate funds that invest in assets within the boundaries of Mecca and Medina, the official Saudi Press Agency (SPA) reported Monday.

“CMA stressed that the capital market institutions must ensure compliance with the Law of Real Estate Ownership and Investment by Non-Saudis when managing the investments of investment funds in real estate located” within the boundaries of the cities of Mecca and Medinah, and upon liquidation of those funds, according to SPA.

The authority said that the decision will contribute to relying on the capital market as a diversified financing channel.

CMA added that the decision is in line with Saudi Arabia’s Vision 2030, which aims to make the Saudi capital market attractive to local and foreign investment play a pivotal role in developing the economy and diversifying its sources of income.