Saudi Arabia's Capital Markets Authority (CMA) issued draft rules for real estate investment traded funds on Tuesday, and seeks comments by 23 August before publishing a final version of the regulations. The funds would invest in residential, commercial, industrial, and agricultural real estate, periodically distributing part of its income to holders of the fund. The draft rules cover the management, operation and ownership of the funds, specifying for example that it would not be allowed to invest more than 25% of its assets outside the kingdom. The move aims to engage private investors into the housing sector as the kingdom faces slashed state revenues amid oil price slump. As per the economic reform programme announced in June, Saudi targets to build 1.5mn homes over the next seven to eight years to ease a shortage of affordable housing. (Reuters)