Saudi Arabia allows foreign investment in listed property companies in Makkah and Madinah

Saudi Arabia will allow foreign citizens to invest in publicly listed local companies that own real estate in Makkah and Madinah, as the kingdom seeks to attract international investments and boost its capital markets.

Foreign investment will be limited to shares of the Saudi companies listed on the Tadawul stock market, convertible debt instruments, or both, although an exception will apply to "strategic foreign investors", the Capital Market Authority (CMA) said on Monday.

Foreign ownership cannot exceed 49 per cent of the company's listed shares, the CMA added.

"The Capital Market Authority aims to stimulate investment, enhance the attractiveness and efficiency of the capital market and strengthen its regional and international competitiveness while supporting the local economy," it said.

"This includes attracting foreign capital and providing the necessary liquidity for current and future projects in Makkah and Madinah through the investment products available in the Saudi market, positioning it as a key funding source for these distinctive developmental projects."

Saudi Arabia has been taking many steps to strengthen its stock market. Bloomberg

Following the news on Monday, the stock price of Saudi Arabian real estate company Jabal Omar Development rose 10 per cent to 25.85 riyals ($6.89), while Makkah Construction and Development jumped 9.8 per cent to 106 riyals. Taiba Investment Company increased 8.9 per cent to 51.1 riyals.

The move comes as Saudi Arabia has taken several measures to boost its attractiveness as a global investment destination as part of its Vision 2030 plan to wean the economy off its dependency on oil revenues.

Last year, Saudi Arabia approved an updated investment law aimed at levelling the playing field for domestic and international investors and easing regulatory restrictions. The country also made broad reforms to ease rules on foreign ownership in the stock market.

In 2021, the CMA also allowed non-Saudis to subscribe to real estate funds investing within the boundaries of Makkah and Madinah, as it sought to make the Saudi capital market attractive to both local and foreign investments.

The CMA's latest announcement also comes as Saudi Arabia has set a target to host 30 million pilgrims for Hajj and the year-round umrah annually by 2030. To accommodate the expected influx of pilgrims, the country is undertaking several expansion projects in Makkah and Madinah.

Types of bank fraud

1) Phishing

Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.

2) Smishing

The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.

3) Vishing

The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.

4) SIM swap

Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.

5) Identity theft

Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.

6) Prize scams

Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.

23-man shortlist for next six Hall of Fame inductees

Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.

Story%20behind%20the%20UAE%20flag

%3Cp%3EThe%20UAE%20flag%20was%20first%20unveiled%20on%20December%202%2C%201971%2C%20the%20day%20the%20UAE%20was%20formed.%C2%A0%3C%2Fp%3E%0A%3Cp%3EIt%20was%20designed%20by%20Abdullah%20Mohammed%20Al%20Maainah%2C%2019%2C%20an%20Emirati%20from%20Abu%20Dhabi.%C2%A0%3C%2Fp%3E%0A%3Cp%3EMr%20Al%20Maainah%20said%20in%20an%20interview%20with%20%3Cem%3EThe%20National%3C%2Fem%3E%20in%202011%20he%20chose%20the%20colours%20for%20local%20reasons.%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20black%20represents%20the%20oil%20riches%20that%20transformed%20the%20UAE%2C%20green%20stands%20for%20fertility%20and%20the%20red%20and%20white%20colours%20were%20drawn%20from%20those%20found%20in%20existing%20emirate%20flags.%3C%2Fp%3E%0A