Saudi Arabia allows foreign investments in Makkah, Madinah real estate
Foreigners can now invest in Saudi-listed companies owning real estate in Makkah and Madinah
Previously, non-Saudis were allowed to lease properties in Makkah and Madinah but faced significant restrictions on ownership
Move aims to boost capital market’s competitiveness & align with Kingdom’s Vision 2030
Total non-Saudi ownership is capped at 49% of a company’s shares
Saudi Arabia aims to reduce its dependence on crude revenues and diversify its economy