Gross 8.6% with a statutory 90% payout — why only 'do, on conditions'?

The three conditions map one-to-one onto this page's three cautions: tax (5% is an analogy, not a settled rate), fees (the largest name's fee rate cannot be printed, only the amount charged), and liquidity (the whole basket trades in millions of SAR a day). Add the discounts' persistence risk. The yields are real and the conditions are real — on this site, 'conditional' is never politeness; it is the instruction sheet printed on the same page as the yield.

Can foreigners really buy directly now? Didn't it need QFI status?

It really changed: by the CMA's 6 January 2026 announcement, from 1 February 2026 the QFI and swap frameworks were abolished and all categories of foreign investors, individuals included, may hold main-market securities directly through licensed Saudi intermediaries (corroborated by multiple international law firms' client alerts). What remains are ownership caps (under 10% per issuer for one non-resident; 49% aggregate foreign) and onboarding friction in practice. This site adds one caution: the regime is months old and the first wave of foreign retail onboarding has no citable track record — walk a small amount through the full process before sizing a position.

Which of the five is the steadiest?

On this site's reading: Al Rajhi — the basket's lowest yield (6.67%), but priced near NAV (no discount-repair fantasy and no collapse room), the sector's narrowest spreads, and distributions drifting gently inside a 0.12–0.14 band. The yield extremes sit at the other end (Jadwa's 10.42% with a −34% discount and an unprintable fee rate; Derayah's 7.80% with a −48% discount and 23% uncollected income) — the spectrum inside the Saudi basket is the most intuitive lesson on this site that yield is the price of risk.

Opportunity rank #94 (cash-flow board) · Saudi Arabia

Saudi listed REIT basket: five quarterly payers at about 8.6% equal-weight gross and 2–48% NAV discounts — read the three cautions first

Our take: Do, with conditions

6.67–10.42% Saudi listed REIT basket distribution yields (Tadawul announcement basis) · Verified range · Data as of: 2026-11-05

Composite-board score: 6.2 · Where it is strong: Net cash flow, Tax friendliness · methodology

Data updated: 2026-11-08

Saudi's main market lists 19 REITs; this site baskets the five most liquid with uninterrupted recent distributions (prices at the 5 Nov 2026 close — Tadawul is closed Fridays; every distribution traces to exchange announcements, manager disclosures or fund financials): Jadwa REIT Saudi pays a flat SAR 0.20 quarterly for eight straight quarters, a trailing 0.80 for a 10.42% yield (fair NAV per unit of SAR 11.71, a 34% discount); Bonyan (semi-annual, the basket's only one) trails 0.80 for 10.03% (a management fee of 0.5% of NAV plus tax, the basket's lowest); SEDCO trails about 0.55 for 8.27%; Derayah trails about 0.39 for 7.80%, rising through 2026 (a 48% discount to NAV of SAR 9.65, the basket's deepest); Al Rajhi trails about 0.525 for 6.67% (price near NAV, the steadiest). Equal-weight gross is about 8.6%. The institutional floor is real: CMA Regulation Article 46 mandates distributions of at least 90% of net profit. But three cautions ride on the same screen as the yields: (1) the tax is not nailed down — 5% for non-residents is only the general dividend withholding (PwC basis); this site found no ZATCA/CMA source for the specific treatment of REIT fund distributions to non-residents, so the roughly 8.2% in-hand derived at 5% is a scenario, never a quotable rate; (2) Jadwa REIT Saudi's contractual management-fee rate has no citable figure (only the SAR 8.15M actually charged in H1 2026, from its financials) — this site does not print a rate; (3) Derayah's annual report contradicts itself on occupancy (92% and 96% in the same report), printed side by side, not adjudicated — and its uncollected income is 23% of revenue. Access is a 2026 story: from 1 February 2026 the QFI/swap frameworks were abolished and foreign individuals may buy directly through licensed Saudi intermediaries (under 10% per issuer for one non-resident; a 49% aggregate foreign cap) — a regime months old, its account-opening smoothness untested at scale. On leverage: SEDCO's borrowings sit exactly at the 50%-of-assets regulatory ceiling (refinancing in October 2028). Verdict: do, on conditions — the conditions being to read the three cautions as part of the yield.

In short: four lines first

What it costs to get in

Listed units, from any amount (Saudi intermediary account)

Roughly what it earns

6.67–10.42%（Saudi listed REIT basket distribution yields (Tadawul announcement basis)）

How much work for you

Fairly hands-off (listed route; onboarding and SAR arrangements take one-off effort)

The biggest catch

The numbers that matter

Saudi listed REIT basket distribution yields (Tadawul announcement basis)

6.67–10.42%

Verified range As of: 2026-11-05 Source: Saudi CMA Real Estate Investment Funds Regulations, Article 46: distributed profits to unitholders must not be less than 90% of the fund's net profits annually

Why we think it makes money

The distribution records' evidence chain is announcement-grade: every name's trailing DPU traces to a Tadawul announcement or fund financials — Saudi is the only Middle East listed sector on this site where that is possible.

The combination of a 90% rule, deep discounts and high trailing yields is globally scarce now: inside the 8.6% gross, the discount (2–48%) and the rule (statutory payout) each contribute half — this site labels the halves separately so readers can re-weight on their own discount judgment.

The foreign-access inflection deserves its own record: the February 2026 reform moved Saudi's main market from 'institutions via QFI only' to 'individuals may buy directly' — this is this site's first Saudi listed entry built on the new access (a completely different Saudi exposure from entry No. 24's car-rental majors).

How to actually get in

Listed route: buy the five basket funds (4342/4347/4344/4339/4340) through a licensed Saudi intermediary (or an international platform offering Tadawul access); since 1 Feb 2026 foreign individuals may open accounts and hold directly, with no CMA minimum investment; basket ADTV is only SAR 0.59M–2.90M a day — staged limit orders are a hard discipline.

What it costs, what it earns

Entry amount: Listed units, from any amount (Saudi intermediary account)
How much work for you: Fairly hands-off (listed route; onboarding and SAR arrangements take one-off effort)

Costs & taxes, item by item:

SAR exposure (dollar-pegged, a special risk shape that is still a shape) and Saudi broker onboarding/KYC friction (a new regime, untested at scale).
Thin-book spreads and exit costs: the five names' combined daily turnover is modest — size positions as if exits under stress are not guaranteed.

Basis: this site uses full-cost net returns only — income minus vacancy, management, maintenance, taxes and insurance, then financing interest, with entry costs in the denominator. See the methodology。

Identity & tax

Status (residency / citizenship)

REIT 单位不产生任何居留/签证属性

This asset does not count toward the channel No status channel

Threshold: —

买沙特 REIT 单位不带任何居留、签证或第二护照属性（研究口径 identity 2 仅示「有国家背景、无个人身份价值」）。沙特国页的实体与经营类条目（第 24 条租车车队等）与本条目的身份结论互不替代。

Source: CMA 基金法规框架

Tax (investor level)

CMA 条例第 46 条：分派 ≥基金净利润的 90%（年度）——规则托底派付，也意味着利润跌则分派机械跌、无平滑储备。

预扣带警示：非居民 5% 是一般股息预扣（PwC 引所得税法 Art. 68）——REIT 基金分派对非居民单位持有人的具体处理，本站多方检索未找到 ZATCA/CMA 官方来源，按 5% 推导的到手只能作情景，不得当已核实税率引用。
上市股份资本利得对外国投资者免税（PwC 口径）。基金层费用已含在分派之内（分派自净利润），不二次扣减——费率数字（如 Derayah NAV 的 0.85%、Bonyan 0.5%）解释各家 DPU 为何不同。

Double-tax treaties: 星沙协定对 REIT 分派的适用未核实；情景按 5% 国内一般口径计。

Source: CMA REIT 基金条例；PwC Worldwide Tax Summaries（沙特）

This section is general information only — not immigration or tax advice. Program rules change frequently; before acting, rely on the official texts and a licensed adviser.

Risks: what could go wrong

The 90% rule cuts both ways: it guarantees payout and guarantees that distributions fall mechanically when profits fall, with no smoothing reserve — Derayah's history contains real cuts (and its 2026 recovery is equally profit-driven). If these happen, our take changes: Checked quarterly against the five funds' announcements, DPU against net profit.

The discounts are structural: Derayah at −48% and Jadwa at −34% on the fair-value basis — Saudi REIT discounts have persisted for years and can persist or widen; the sector's sharp October 2026 sell-off (Jadwa down about 31% in six months) is the volatility reading. If these happen, our take changes: Reviewed quarterly against the five names' price/NAV readings.

Leverage and rent policy: SEDCO's borrowings are at the 50% ceiling ahead of an October 2028 refinancing; Riyadh rents have been frozen at 2025 levels for five years from September 2025 (broker basis) — a direct headwind for Riyadh-heavy portfolios. If these happen, our take changes: The rent freeze's scope follows CMA/official text; SEDCO follows its annual-report leverage prints.

What we have not verified yet

The following key figures have not yet been verified; the reason is noted for each item.

The withholding treatment of REIT fund distributions for non-resident unitholders: no ZATCA/CMA official source — the 5% is an analogy from the general dividend rate, and every in-hand figure on this page is labelled a scenario.
Jadwa REIT Saudi's contractual management-fee percentage could not be found despite repeated searches: only the amount actually charged is printed. Derayah's 92%/96% occupancy inconsistency and the Riyadh rent freeze's broker basis are flagged as found.

FAQ

Gross 8.6% with a statutory 90% payout — why only 'do, on conditions'?: The three conditions map one-to-one onto this page's three cautions: tax (5% is an analogy, not a settled rate), fees (the largest name's fee rate cannot be printed, only the amount charged), and liquidity (the whole basket trades in millions of SAR a day). Add the discounts' persistence risk. The yields are real and the conditions are real — on this site, 'conditional' is never politeness; it is the instruction sheet printed on the same page as the yield.
Can foreigners really buy directly now? Didn't it need QFI status?: It really changed: by the CMA's 6 January 2026 announcement, from 1 February 2026 the QFI and swap frameworks were abolished and all categories of foreign investors, individuals included, may hold main-market securities directly through licensed Saudi intermediaries (corroborated by multiple international law firms' client alerts). What remains are ownership caps (under 10% per issuer for one non-resident; 49% aggregate foreign) and onboarding friction in practice. This site adds one caution: the regime is months old and the first wave of foreign retail onboarding has no citable track record — walk a small amount through the full process before sizing a position.
Which of the five is the steadiest?: On this site's reading: Al Rajhi — the basket's lowest yield (6.67%), but priced near NAV (no discount-repair fantasy and no collapse room), the sector's narrowest spreads, and distributions drifting gently inside a 0.12–0.14 band. The yield extremes sit at the other end (Jadwa's 10.42% with a −34% discount and an unprintable fee rate; Derayah's 7.80% with a −48% discount and 23% uncollected income) — the spectrum inside the Saudi basket is the most intuitive lesson on this site that yield is the price of risk.

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Data dates are marked per metric; page updated 2026-11-08. This site publishes information and is not investment advice; the corrections channel is in the Disclaimer。