Saudi Arabias capital market regulator has released a draft version of the rules to govern publicly-listed real estate funds
Saudi Arabias capital markets regulator has released a draft of the 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.
The Capital Market Authority said it was publishing draft rules for real estate investment traded funds and seeking feedback on the proposals by 23 August, before publishing a final version of the regulations.
The funds, which are publicly traded on the Saudi stock exchange, 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 of 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 a priority. It intends to involve private sector in ambitious programmes to develop affordable housing projects across the country.
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