(MENAFN- Kashmir Observer)
Riyadh: The Capital Market Authority has allowed financial market institutions to accept subscriptions by non-Saudis in real estate funds that invest in assets within the boundaries of Makkah and Madinah, according to a statement issued by the authority.
The ownership system for non-Saudis in the Kingdom stipulates that non-Saudis are allowed to own real estate for their own residence, after obtaining a license from the Ministry of Interior, and for foreign representations to own their official premises, provided they are obtained. License from the Secretary of State.
The decision aims to activate the role of investment funds as a tool for financing real estate developers and small and medium-sized companies.
Saudi Arabia aims to multiply the flow of foreign direct investment by more than 18 times over the next decade, and plans to facilitate foreign investment in the country, targeting injecting 27 trillion riyals ($7.2 trillion) into the economy by 2030, according to Al-Eqtisadiah newspaper.
Net foreign direct investment in the Kingdom jumped to 51.8 billion riyals in the second quarter of 2021, compared to 3 billion riyals in the same quarter of 2020, an increase of about 1574 percent based on the estimated data of the Saudi Central Bank (the Saudi Arabian Monetary Agency).
While net foreign direct investment jumped by 664 percent in the second quarter of this year, compared to about 6.8 billion riyals net foreign direct investment in the first quarter of this year.
The volume of foreign investment flowing into Saudi Arabia during the second quarter of this year is close to what was attracted during the past three years 2018, 2019 and 2020, reaching 15.9 billion riyals in 2018, 17.1 billion riyals in 2019, and 20 riyals. 2 billion in 2020.
The Saudi Minister of Investment had said in a previous interview with Al Arabiya, that the Kingdom will enjoy very high rates of foreign investment in 2021 and the coming years.
We are still in the process of preparation, and the process of attracting foreign investment has not yet been fully launched, but the Kingdom has a strong internal investment machine, such as the Public Investment Fund, which launched major projects and many companies that will be the nucleus of different sectoral groupings.
The kingdom launched a national investment strategy on October 11 to help increase net foreign direct investment to 388 billion Saudi riyals annually and increase domestic investment to 1.7 trillion Saudi riyals annually by 2030.
“Our country has strong investment capabilities, which we will harness to stimulate our economy and diversify our returns,” said the Crown Prince of Saudi Arabia. (Arab News)
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