Saudi Arabia: Capital Markets Authority may control real estate sector
According to Al-Riyadh newspaper, Mr. Jammaz al-Suhaimi, Chairman of the Saudi Arabian Capital Markets Authority, revealed that there is a strong intention to commission the Saudi Arabian Capital Markets Authority with regulating and controlling the local real estate joint stock enterprises market.
Yet, the chairman refused to specify this commissioning date. He added that any financial activity involving money raising must be controlled by the Capital Markets Authority rather than any other parties. He also said that when the real estate investors want to set up real estate investment funds, the Capital Markets Authority is the only side to permit the establishment of such funds.