Saudi CMA approves listing SEDCO Capital REIT, Wasatah REIT on Tadawul

Saudi Arabia’s Capital Market Authority (CMA) has approved Saudi Economic and Development Securities Co.’s request to offer, register and list units of SEDCO Capital REIT on the Saudi Stock Exchange (Tadawul), the market regulator said in a statement.

The authority has also approved Al Wasatah Al Maliah Co.’s request to offer, register and list Wasatah REIT units on Tadawul as Real Estate Investment Traded Fund.

Details about the funds will be available on the CMA and fund managers’ websites.

Last year, the CMA approved a request by Riyad Capital to register and list its REIT as the first real estate investment traded fund in the market.

Five other REITs have also been listed on Tadawul so far: Aljazira Mawten REIT in January, Jadwa REIT Al-Haramain Fund in April, Taleem REIT in May, Al Ma’athar REIT in August, and Musharaka REIT in October.

The market regulator also recently approved the listing of AlAhli REIT (1) Fund.

Tadawul started listing REITs last year in a move that could potentially enhance transparency in the property sector and ease the Kingdom’s housing shortage.

The new funds will allow investors to access the local real estate market through purchasing existing, developed property.