The Saudi Capital Market Authority (CMA) has approved the Controls on the Ownership of Real Estate by Listed Companies, Investment Funds, and Special Purpose Entities (SPEs). These Controls will take effect concurrently with the new Law of Real Estate Ownership by Non‑Saudis (Royal Decree No. M/14) in January 2026.
These Controls replace the January 2025 framework that governed the exclusion of listed companies from the definition of “Non‑Saudi.” While they refine and modernise the regulatory landscape, they do not impose new substantive obligations. Instead, they recalibrate the rules to align with the incoming Real Estate Ownership Law and reaffirm the central compliance role of CMA‑licensed entities.
What the new Controls achieve
- Clarification: Establish clear mechanisms for how listed companies, funds, and SPEs may acquire or own rights in real estate nationwide — including in Makkah and Madinah.
- Market enhancement: Strengthen capital‑market efficiency, improve investor attractiveness, and enhance the Kingdom’s regional and international competitiveness.
- Regulatory alignment: Reinforce compliance expectations related to foreign ownership and ensure consistency throughout an entity’s lifecycle, including liquidation.
A clear message
The Controls are expected to stimulate investment flows, support greater participation from international investors, and contribute to the continued growth of the Saudi real estate sector — all core aspirations of Saudi Vision 2030.
For CMA‑regulated entities, the message is clear: real estate ownership remains permissible, but only within a transparent, consistent, and modernised regulatory framework.