Logo of Capital Market Authority (CMA)
The Capital Market Authority (CMA) invited all interested and relevant persons, as well as capital market participants, to submit their views on the Draft Controls governing real estate ownership by listed companies in the Saudi capital market, investment funds, and special purpose entities (SPEs) in the Kingdom, including the cities of Makkah and Madinah. 
The consultation period will run for 15 days, ending on Jan. 14, 2026.
According to the CMA, the proposed draft aims to regulate the mechanism for real estate ownership by listed companies established under the Companies Law, as well as licensed investment funds and SPEs, and the acquisition of other in-kind rights over real estate in the Kingdom, including Makkah and Madinah.
This is intended to enhance the efficiency of the 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 subject to their provisions and clarify the rules governing non-Saudi ownership, whether by natural or legal persons, in the shares of 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 cities.
In addition, the draft regulates the ownership of real estate in Makkah and Madinah by listed companies for non-operational purposes, in accordance with pre-established conditions, including a requirement that the foreign strategic investor must not, at any time, hold any shares in the listed company or any convertible debt instruments.
The CMA confirmed that the proposed controls do not affect the existing regulatory obligations of foreign investors, listed companies, investment funds, SPEs, or capital market institutions under relevant laws, regulations, and instructions, particularly the Law of Real Estate Ownership and Investment by Non-Saudis and its Implementing Regulations, whether during operations or liquidation. This ensures regulatory consistency and enhances clarity regarding the frameworks governing real estate ownership in the Kingdom.
The authority noted that these controls build on previous regulations related to non-Saudi ownership of real estate without introducing new provisions and are aligned with the new Non-Saudi Real Estate Ownership Law, which will come into force at the beginning of 2026.
Under Article 4 of the law, the CMA is granted the authority to issue controls governing real estate ownership by listed companies, investment funds, and SPEs in the Kingdom.
Once approved, the draft is expected to stimulate investment, enhance the participation of international investors, and improve foreign capital inflows into the Saudi capital market. It will also support the local economy in general and the accelerated growth of the real estate sector in particular, in line with the objectives of Saudi Vision 2030 for developing the financial sector.
The CMA emphasized that feedback from interested parties, including individuals, government entities, the private sector, and entities supervised by the authority, will be carefully reviewed to finalize the draft. Comments may be submitted through the following channels:
– The Public Consultation Platform, “Istitlaa”: istitlaa.ncc.gov.sa
– The designated form via email: Laws.Regulations@cma.org.sa
To view the draft:
Logo of Capital Market Authority (CMA)
The Capital Market Authority (CMA) invited all interested and relevant persons, as well as capital market participants, to submit their views on the Draft Controls governing real estate ownership by listed companies in the Saudi capital market, investment funds, and special purpose entities (SPEs) in the Kingdom, including the cities of Makkah and Madinah.
The consultation period will run for 15 days, ending on Jan. 14, 2026.
According to the CMA, the proposed draft aims to regulate the mechanism for real estate ownership by listed companies established under the Companies Law, as well as licensed investment funds and SPEs, and the acquisition of other in-kind rights over real estate in the Kingdom, including Makkah and Madinah.
This is intended to enhance the efficiency of the 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 subject to their provisions and clarify the rules governing non-Saudi ownership, whether by natural or legal persons, in the shares of 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 cities.
In addition, the draft regulates the ownership of real estate in Makkah and Madinah by listed companies for non-operational purposes, in accordance with pre-established conditions, including a requirement that the foreign strategic investor must not, at any time, hold any shares in the listed company or any convertible debt instruments.
The CMA confirmed that the proposed controls do not affect the existing regulatory obligations of foreign investors, listed companies, investment funds, SPEs, or capital market institutions under relevant laws, regulations, and instructions, particularly the Law of Real Estate Ownership and Investment by Non-Saudis and its Implementing Regulations, whether during operations or liquidation. This ensures regulatory consistency and enhances clarity regarding the frameworks governing real estate ownership in the Kingdom.
The authority noted that these controls build on previous regulations related to non-Saudi ownership of real estate without introducing new provisions and are aligned with the new Non-Saudi Real Estate Ownership Law, which will come into force at the beginning of 2026.
Under Article 4 of the law, the CMA is granted the authority to issue controls governing real estate ownership by listed companies, investment funds, and SPEs in the Kingdom.
Once approved, the draft is expected to stimulate investment, enhance the participation of international investors, and improve foreign capital inflows into the Saudi capital market. It will also support the local economy in general and the accelerated growth of the real estate sector in particular, in line with the objectives of Saudi Vision 2030 for developing the financial sector.
The CMA emphasized that feedback from interested parties, including individuals, government entities, the private sector, and entities supervised by the authority, will be carefully reviewed to finalize the draft. Comments may be submitted through the following channels:
– The Public Consultation Platform, “Istitlaa”: istitlaa.ncc.gov.sa
– The designated form via email: Laws.Regulations@cma.org.sa
To view the draft:
