March 28, 2026
Methodology About Contact
Mukaab Properties
The Vanderbilt Terminal for Mukaab Real Estate Investment Intelligence
INVESTMENT ANALYSIS · PROPERTY MARKETS · OWNERSHIP INTELLIGENCE · DEVELOPMENT TRACKING
New Murabba Investment: $50B | Residential Units: 104,000 | Riyadh Rental Yield: 8.89% | Office Occupancy: 98% | GDP Contribution: SAR 180B | Jobs Target: 334,000 | Saudi REITs: 19 Listed | RHQ Relocations: 780+ | New Murabba Investment: $50B | Residential Units: 104,000 | Riyadh Rental Yield: 8.89% | Office Occupancy: 98% | GDP Contribution: SAR 180B | Jobs Target: 334,000 | Saudi REITs: 19 Listed | RHQ Relocations: 780+ |

Capital Market Authority (CMA) — Saudi Arabia's Securities Regulator and REIT Overseer

Capital Market Authority

The Capital Market Authority (CMA) is Saudi Arabia’s securities regulator, responsible for overseeing the Saudi Exchange (Tadawul), regulating investment funds, and supervising the Kingdom’s REIT sector. For investors accessing New Murabba real estate through listed vehicles, CMA regulations define the rules governing fund structure, investor protection, profit distribution, and market access.

REIT Regulatory Framework

CMA’s Real Estate Investment Traded Funds Instructions establish the regulatory architecture for Saudi REITs. Key requirements include: minimum 75 percent investment in income-generating assets, mandatory 90 percent annual net profit distribution, closed-ended fund structure with SAR 10 nominal unit value, maximum 50 percent leverage against total assets, independent custodian appointment, and licensed property management company retention.

As of August 2025, 19 REITs are listed on Tadawul with a combined market capitalization of approximately $4 billion and total assets exceeding $7.5 billion. These vehicles provide the most liquid pathway for investors to access Saudi real estate without direct property ownership.

July 2025 Regulatory Amendments

On July 9, 2025, CMA announced significant regulatory enhancements affecting investment funds. Notably, REITs listed on the Nomu-Parallel Market can now invest in real estate development projects, subject to limitations. This amendment opens a pathway for REITs to participate in pre-completion New Murabba assets — an expansion from the previous restriction to income-generating (completed and tenanted) properties only.

CMA also gained authority to review and cap fees charged by fund managers, addressing concerns about excessive charges that erode investor returns. These amendments strengthen investor protection while expanding the investable universe.

February 2026 Foreign Investor Liberalization

Effective February 1, 2026, CMA eliminated the Qualified Foreign Investor (QFI) and swap-based access frameworks, opening the Saudi capital market to all categories of foreign investors. This means international investors can directly purchase Tadawul-listed REIT units without QFI registration — removing a significant friction point for foreign investment in Saudi real estate.

For New Murabba specifically, this liberalization means that when future REITs incorporate New Murabba assets, international investors will have seamless access. The MISA registration guide covers the direct property ownership pathway that operates alongside CMA’s securities-based access.

Our REIT regulations analysis details the operational rules. The CMA fund framework overview covers the broader investment fund landscape. Our dashboards track REIT market data.

Institutional Access

Coming Soon