What Saudi REIT filings reveal about the property market

Every REIT listed on Tadawul has to publish the occupancy of each building it owns, twice a year. Average occupancy across the funds slipped to 91.2% in Q1 2026, from 92.1% a year earlier (Argaam survey).

The rule comes from the Capital Market Authority, which also makes each fund get its portfolio revalued by two independent valuers every six months (CMA Real Estate Investment Funds Regulations, 24 Nov 2025). There are 19 funds on the main market and one on Nomu (Argaam listing, July 2026). Together their filings are the largest free, audited, building-by-building property dataset in the Kingdom.

Key figures at a glance

What the CMA makes every REIT publish

The rules sit in one 94-page PDF on the CMA's site, dated 24 November 2025.

The key part is Annex 5. Twice a year, each fund lists every property, its share of total assets, and "the occupancy percentage for each property as at the end of the relevant half."

• Quarterly statements within 10 days of quarter-end (Art. 26(a)).
• Two accredited valuers at least every six months, published within 15 days and stating "the rental market value of the relevant real estate" (Art. 37(c)).
• A 10-year revenue history in every annual report, with each asset's share of total fund rent (Annex 4).
• Any purchase, sale, lease or mortgage worth 10% or more of NAV, disclosed "without any delay" (Art. 50(B)(1)).
• At least 75% of total assets in developed real estate that earns rent (Art. 47(b)(1)), and at least 90% of net profits paid out each year (Art. 47(b)(2)).

Which REITs trade on Tadawul?

Nineteen funds trade on the main market under tickers 4330 to 4350 (4341 and 4343 are retired). Alwaha REIT trades on Nomu under 9300, which makes 20 in all (Argaam sector listing, July 2026; Nomu).

What the filings show, sector by sector

Office. Riyad REIT's Olaya Tower is fully let, with a weighted average unexpired lease term of 2.42 years. Its Al-Raed Building, also at 100%, brings in 21% of the fund's asset rent from a single government tenant (Riyad REIT Annual Report 2025, Dec 2025). Al Rajhi REIT's Al Ahsa Square, a multi-tenant office in Riyadh, reports 96.04% occupancy. It was bought for roughly SAR 7,878 per built sqm (Al Rajhi REIT Annual Report 2023, Dec 2023).

Retail. Mulkia REIT's Elite Mall in Riyadh earns SAR 16,000,000 a year on 21,929 sqm, fully let (Mulkia REIT Annual Report 2024, Dec 2024). That works out at about SAR 730 per sqm a year. Against its average valuation of SAR 193,831,500, the gross rent yield is near 8.3%. Musharaka REIT goes further and names tenants and lease dates. Its Al Orouba Square in Riyadh is 99% let and earns about SAR 734 per sqm net. Hyper Panda and Al-Baik are signed to 2036 (Musharaka REIT Annual Report 2024, FY2024).

Hospitality. Jadwa REIT Alharamain publishes what it paid for its Makkah hotels. The 690-room Tharawat Al-Taqwa Hotel, some 900 m from Mina, cost SAR 250 million in 2017, about SAR 362,000 per key. The 294-room Tharawat Al-Andaloseya, within 500 m of Masjid Al-Haram, cost SAR 379 million, about SAR 1.29 million per key (Jadwa Investment). Within the same fund, the price per key differs 3.6 times, mostly because of distance to the Haram. Jadwa does not publish occupancy. For hotel trading, see our Makkah hotel market analysis. We also cover offices in our Riyadh office market analysis.

Logistics. Musharaka's Al Barakah Warehouses in Riyadh's Sulay district are fully let to Damco on a five-year lease, earning SAR 6,600,000 a year against an average valuation of SAR 91,454,000 (Musharaka REIT, FY2024). That gives a net initial yield near 7.2% on Riyadh logistics, a figure no public body publishes.

How we turn the filings into occupancy and rent series

We take every half-yearly property list from all 20 funds and tag each asset by city and sector. The approach is set out in our methodology, and it is one part of the wider set of Saudi real-estate data sources we use.

For occupancy, we weight each asset by leasable area. Funds mix GLA, built-up and land areas, so this needs care (see what counts as gross leasable area). Riyad REIT rose from 94.1% in Q1 2024 to 98% by December 2025 (Argaam, Q1 2024; Riyad REIT AR 2025). The sector-wide dip in Q1 2026 (Argaam) is one of the few public, dated signs that institutional Saudi property is softening.

For rent, where a fund gives both annual rent and area, we divide one by the other, as with Elite Mall above. Rental income growth needs more caution. AlAhli REIT 1's rental income rose 29% year-on-year to about SAR 59.7 million in Q1 2026 (Argaam). Alinma Retail REIT's rose 52% to roughly SAR 38.4 million (Argaam). Growth that fast mostly comes from buying buildings rather than raising rents on the same space.

Why the REIT average looks better than the market

REIT filings give a precise picture of a skewed sample, and the skew is upward. The 91.2% average for Q1 2026 is not a national occupancy rate.

The CMA's 75% rule keeps out land, development projects and run-down buildings. Managers then pick for strong tenants and long leases. The gap shows in the filings. Riyad REIT's government-let towers sit at 100%, while SEDCO Capital REIT's multi-tenant Al Khalidiya Business Center in Jeddah ran at 74% (SEDCO Capital REIT Annual Report 2024, Dec 2024).

Some numbers are missing even here. Nobody publishes a total market value or NAV for the REIT sector. You have to add up the funds one by one. Riyad REIT alone was SAR 2.72 billion in December 2025 (annual report). Hotel average daily rates do not appear, because the filings report lease income rather than room revenue. And nothing adds up to a city-wide vacancy rate.

Omran estimate (derived, not disclosed). Musharaka REIT's Radisson Blu Hotel Apartments earned SAR 9,145,958 across 92 units in FY2024 (annual report). That is about SAR 99,400 of fund income per unit per year, at 51% occupancy.

We keep a full building-by-building extract of all 20 funds, with every figure dated and sourced. Request the underlying REIT dataset, or ask us for a briefing on your own list of assets.

FAQ

How many REITs are listed on Tadawul? Twenty in total as of July 2026: 19 funds on the main market under tickers 4330 to 4350, plus Alwaha REIT on Nomu (Argaam).

What disclosure requirements do Saudi REITs have? Quarterly statements within 10 days, a semi-annual per-property occupancy list, dual independent valuations every six months, and immediate disclosure of deals worth 10% or more of NAV, under the regulations of 24 Nov 2025 (CMA).

What is the Saudi REIT occupancy rate? Sector average occupancy was 91.2% in Q1 2026, down from 92.1% in Q1 2025 (Argaam survey). Funds range from Riyad REIT's 98% (Dec 2025) to 51% on single Musharaka assets in Al-Khobar. The average reflects institutional buildings only.

What is the Saudi REIT dividend yield? REITs must pay out at least 90% of net profits each year. Yields are quoted on the SAR 10 nominal unit value, not the market price. Alinma Hospitality REIT paid 3.2% for H1 2026 and Riyad REIT paid 1.6% for H2 2025 (Argaam dividend records). Sector-wide, listed REITs paid nearly SAR 464 million in H1 2024 (Argaam).

Sources

• Capital Market Authority, Real Estate Investment Funds Regulations (24 Nov 2025; disclosure, valuation, distribution rules): link
• Argaam, Tadawul TASI REIT sector listing (19 main-market funds): link
• Argaam, Nomu listing (Alwaha REIT): link
• Riyad REIT Fund, Annual Report 2025 (occupancy, NLA, fund size, Olaya Tower, Al-Raed): link
• Al Rajhi REIT Fund, Annual Report 2023 (Al Ahsa Square): link
• Mulkia Gulf Real Estate REIT, Annual Report 2024 (Elite Mall rent, area, valuation): link
• Musharaka REIT Fund, Annual Report 2024 (Al Orouba, Radisson Blu, Al Barakah): link
• Jadwa REIT Alharamain, portfolio disclosures (Makkah hotel acquisitions): link
• SEDCO Capital REIT, Annual Report 2024 (Al Khalidiya 74%): link
• Argaam, Saudi REIT occupancy survey Q1 2026 (91.2%): link
• Argaam, Riyad REIT occupancy Q1 2024 (94.1%): link
• Argaam, AlAhli REIT 1 rental income Q1 2026: link
• Argaam, Alinma Retail REIT rental income Q1 2026: link
• Argaam, sector cash dividends H1 2024 (SAR 464m): link
• Argaam dividend records (Alinma Hospitality 3.2% H1 2026; AlAhli 2%/2.2%; Riyad REIT 1.6%): link, link, link, link