SPGA set to offer government REITs on Tadawul soon: official

SPGA Deputy Governor Hamzah Alaskar

Saudi Arabia’s State Properties General Authority (SPGA) plans to offer state-owned real estate investment trusts (REITs) on the Saudi Exchange (Tadawul) soon, Al Sharq TV reported, citing Deputy Governor Hamzah Alaskar.

The step aims to allow local as well as international private sector companies and investors to benefit from the state-run assets.

The first state-owned REIT will go public soon, and will be followed by other funds, Alaskar added.

The authority is mapping out a new project, in coordination with the Ministry of Finance, to define the state-owned properties, to be recorded later in the government’s financial statement.

It is also working on the monetization of some assets into cash, as part of a state project, with the aim of recording these assets in the government’s financial statements.

In June, SPGA launched a new e-platform as part of efforts to collect data about state-owned, or leased assets, Argaam earlier reported.