Saudi Arabia Allows Non-Saudis to Invest in Real Estate Funds in Makkah, Madinah

Saudi Arabia’s Capital Market Authority (CMA) permits subscription of non-Saudis in the real estate fund that invests within the boundaries of the cities of Makkah and Madinah, Asharq Al-Awsat
Saudi Arabia’s Capital Market Authority (CMA) permits subscription of non-Saudis in the real estate fund that invests within the boundaries of the cities of Makkah and Madinah, Asharq Al-Awsat
TT
20

Saudi Arabia Allows Non-Saudis to Invest in Real Estate Funds in Makkah, Madinah

Saudi Arabia’s Capital Market Authority (CMA) permits subscription of non-Saudis in the real estate fund that invests within the boundaries of the cities of Makkah and Madinah, Asharq Al-Awsat
Saudi Arabia’s Capital Market Authority (CMA) permits subscription of non-Saudis in the real estate fund that invests within the boundaries of the cities of Makkah and Madinah, Asharq Al-Awsat

Saudi Arabia’s Capital Market Authority has allowed the financial market institutions to accept subscriptions of non-Saudis in the real estate fund that invests part or all of its assets in a real estate located within the boundaries of the cities of Makkah and Madinah, CMA said in a statement on Monday.

The authority stressed the necessity of financial institutions to adhere to the provisions of the law that allows non-Saudis to own and invest in real estate of investment funds located within the boundaries of Makkah and Madinah, or when liquidating those funds.

“The 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 Makkah and Madinah and upon liquidation of those funds,” said a Saudi Press Agency report.

The authority said that the decision would contribute to relying on the financial market as a diversified financing channel, as well as strengthening the pillars of the Saudi Vision 2030, which aims to make the Saudi financial market attractive to local and foreign investment and able to play a pivotal role in developing the economy and diversifying its sources of income.

The CMA’s move aims to activate the role of investment funds as a tool for financing within its strategic plan.

It also hopes that the funds would contribute to financing many vital activities in the economy, such as the real estate and financial sector and the sector of small and medium companies, in addition to other activities such as refinancing businesses.

In other news, the Saudi Shura Council called on civil aviation authorities in the Kingdom to provide a competitive operating environment that attracts investors, establishes privatization processes, and supports technical innovation.

The Council also urged continuing to expand the recruitment of women.



Saudi Arabia Draws Silicon Valley with $21 Bn Investment Deals

Buildings are seen in Riyadh, Saudi Arabia, December 18, 2017. REUTERS/Faisal Al Nasser/ File Photo
Buildings are seen in Riyadh, Saudi Arabia, December 18, 2017. REUTERS/Faisal Al Nasser/ File Photo
TT
20

Saudi Arabia Draws Silicon Valley with $21 Bn Investment Deals

Buildings are seen in Riyadh, Saudi Arabia, December 18, 2017. REUTERS/Faisal Al Nasser/ File Photo
Buildings are seen in Riyadh, Saudi Arabia, December 18, 2017. REUTERS/Faisal Al Nasser/ File Photo

Tech and investment heavyweights from Silicon Valley descended on the Saudi capital this week on a historic visit alongside US President Donald Trump, marking a dramatic revival of strategic partnerships that had stalled under previous restrictive US policies.

The visit, seen as a pivot away from Washington’s earlier constraints on exporting artificial intelligence technology, featured some of the most influential figures in the global tech industry.

Among those attending Tuesday’s high-level gathering were Tesla CEO Elon Musk, NVIDIA founder Jensen Huang, OpenAI CEO Sam Altman, Amazon chief Andy Jassy, BlackRock Chairman Larry Fink, and Palantir CEO Alex Karp.

The visit was hailed by officials as ushering in a “new golden era” of US-Saudi relations. It came just one day after Crown Prince Mohammed bin Salman announced the launch of HUMAIN, a Saudi AI innovation venture aimed at reshaping the Kingdom’s future through advanced technology.

In just 48 hours, US investment pledges in Saudi Arabia’s AI sector surged from $3 billion to over $21 billion, according to forum organizers.

Also announced was an expanded strategic partnership between Saudi Arabia’s Public Investment Fund and Google Cloud, projected to contribute approximately $70.6 billion to the Kingdom’s GDP in the coming years.

The series of announcements reflect Riyadh’s growing ambition to become a global hub for artificial intelligence, backed by top-tier US tech leadership and capital.

NVIDIA has delivered 18,000 next-generation AI chips to HUMAIN, in a move that could open the floodgates for artificial intelligence semiconductors across the Middle East.

The landmark delivery coincides with a sharp shift in US export policy, as the Trump administration begins dismantling restrictions on semiconductor exports imposed under President Joe Biden.

On Tuesday, the US Commerce Department announced it would scrap Biden’s “AI deployment rule,” which had created three broad tiers of access for countries seeking to acquire AI chips. The rule was due to take effect on Thursday.

The reversal signals a significant policy pivot, potentially expanding access to powerful AI technology for key allies in the region, including Saudi Arabia, which has been aggressively positioning itself as a future hub for artificial intelligence and advanced computing.

Industry analysts say the delivery of NVIDIA’s high-performance chips marks a major step toward establishing a regional AI infrastructure capable of supporting large-scale machine learning, cloud computing, and autonomous systems.

Saudi Foreign Minister Prince Faisal bin Farhan affirmed that the Kingdom’s strategic partnership with the US in artificial intelligence and hyperscale data centers is expected to generate more than 22,000 high-quality jobs.

Speaking at a press conference, Prince Faisal emphasized that deepening cooperation in advanced technologies will play a key role in shaping Saudi Arabia’s economic future and workforce development.