Saudi Arabia Opens Mecca And Medina To Foreign Investment

Saudi Arabia Opens Mecca And Medina To Foreign Investment

Saudi Arabia announced on Monday that foreign investors can now invest in Saudi-listed companies owning property in Mecca and Medina, the two holiest cities in Islam…READ MORE…

The Saudi Capital Market Authority stated that the move is intended to “stimulate investment, enhance the capital market’s attractiveness and efficiency, and boost its regional and international competitiveness while supporting the local economy.”

According to the new policy, foreign investments will be restricted to shares of Saudi-listed companies, convertible debt instruments, or both, specifically those with real estate holdings in Mecca and Medina. However, non-Saudi ownership is capped at 49 percent, ensuring majority control remains local.

As the Middle East’s largest economy and the world’s top crude oil exporter, Saudi Arabia has been implementing broad reforms to diversify its economy through tourism and investment initiatives.

Mecca, which already hosts millions of Muslim pilgrims annually, is undergoing major development aimed at attracting 30 million pilgrims by 2030. A key part of this plan is the Masar project, funded by the kingdom’s Public Investment Fund, which.

For More Information And News Update, Join Ireporteronline WhatsApp Channel With Link Below: https://whatsapp.com/channel/0029VaV4jB6DuMRgwqnJCF32 For advertisement inquiries only, kindly send a message to 09010649814 on Whatsapp