Saudi Fransi Capital has agreed to a non-fundamental change in Bonyan REIT effective on November 25, 2021.
According to Arabiya Net, the company stated in a statement that the non-basic change is to allow non-Saudi investors to subscribe to the fund's units.
This comes after the Saudi Capital Market Authority allowed financial market institutions to accept the subscriptions of non-Saudis to the real estate fund that invests part or all of its assets in a real estate located within the boundaries of the two cities of Makkah. And Medina, according to a previous statement from the authority.
The authority stressed to financial institutions the necessity of adhering to the system 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, or upon liquidation of those The boxes.
The authority indicated that the decision will contribute to relying on the financial market as a diversified financing channel, as well as strengthening the pillars of Saudi Vision 2030, which aims to make the Saudi financial market attractive to local investment. and foreigners, and able to play a pivotal role in developing the economy and diversifying its sources of income.
The Capital Market Authority is counting on activating the role of investment funds as a tool for financing within its strategic plan, and the Authority hopes that the funds will contribute to financing many vital activities in the economy, such as the sector Real estate, finance, and the SME sector, in addition to other activities such as refinancing.
