Saudi Arabia: Mecca, Medina opens for foreign investors to boost development
Business & economy | World | The decision will allow foreigners to invest in companies whose revenues rely on the Islamic pilgrimage, one of the leading sources of revenue for the kingdom.
Saudi Arabia said that foreigners will be now allowed to invest in firms that own real estate in the two holiest cities of Mecca and Medina.
The move “aims to stimulate investment, enhance the attractiveness and efficiency of the capital market, and strengthen its regional and international competitiveness while supporting the local economy,” the kingdom's Capital Market Authority said in a statement, according to news agency AFP.
Foreign investment “in companies owning real estate within the boundaries of Mecca and Madinah will be limited to shares of these Saudi companies listed on the Saudi capital market, convertible debt instruments, or both,” it added.
However, the authorities have said that the ownership of non-Saudis cannot exceed 49 per cent.
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The decision will allow foreigners to invest in companies whose revenues rely on the Islamic pilgrimage, one of the leading sources of revenue for the kingdom.
Saudi Arabia, which already receives millions of Muslims for Hajj and Umrah pilgrimages every year, said that it aims to welcome 30 million pilgrims annually by the year 2030. In 2019, the kingdom earned about $12 billion, according to official data.
Saudi Arabia is the largest economy in the Middle East and the world’s biggest exporter of crude oil. It has been engaged in reforms aimed at diversifying the economy with investment and tourism.
The bourse, the Gulf Arab region's largest with a market capitalization of $2.72 trillion, opened foreign investments in 2015 to attract more funds with recent years seeing a flurry of new listings.
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In 2021, the CMA allowed non-Saudis to invest in real estate funds within the boundaries of Mecca and Medina.
(With inputs from agencies)
