Saudi allows real estate fund trading for expats

Published:  31 Oct at 6 PM
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The Saudi Capital Market Authority Board has approved expat trading in the Saudi Bourse of Real Estate Investment Traded Funds.

The go-ahead for the major change was given yesterday by the Authority Board, and covers ownership, management and operation of the publicly offered real estate investment funds. The units’ primary objective is to provide funds for residential, commercial or industrial real estate developments which give periodic income.

Regulations include obtaining all licences and approvals necessary from the relevant government departments, and real estate companies must be appointed by the fund manager. The companies involved must have previous experience in rent collection, property maintenance and leasing, with the entire deal being initiated in order to encourage the growth of the real estate sector in the kingdom.

Meanwhile, Kuwait seems to be doing its best to justify its position as the world’s worst destination for expats. Its latest attempt to adjust its demographics is a recommendation that expat workers should be banned from taking positions in the public sector unless the job is unable to be filled by local talent due to its speciality.

Another recommendation states that expat accommodation in specified ‘labour cities’ should be built as an aid to monitoring all expats arriving and departing from Kuwait as well as to lessen the influence of foreign cultures. Apparently, two such developments have already been constructed out of the six which have been proposed.

In addition, a former MP who is running for re-election told the Arab Times his focus would be on getting rid of long-stay expats. His intention is to cancel the residencies of all expats over 55 years old, with the possible exception of lawyers and medical specialists, as he believes there are now enough fully-trained and qualified Kuwaitis happy to take on such jobs, thus making the employment of expats unnecessary. The next government, he says, must focus on jobs for Kuwaitis, but should also include the children of Kuwaiti woman married to expats.
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