Draft rules cover management, operation and ownership of fund
Saudi Arabias capital markets regulator has approved new rules to govern exchange-listed real estate funds.
The rules come as the kingdom looks at ways to draw more private investors into its housing sector. In June this year, Riyadh said it is planning to build up to 1.5 million units within the next eight years.
The funds, which are publicly traded on the Saudi Stock Exchange (Tadawul), are for investment in residential, commercial and industrial real estate.
The draft rules cover the management, operation and ownership of a fund and include conditions such as limitations on investment outside the kingdom. At least 75 per cent of the funds must be invested in Saudi Arabia.
The Saudi government has made the provision of sufficient housing for lower-income citizens a priority. It intends to involve the private sector in ambitious programmes to develop affordable housing projects across the country.
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