
Saudi Arabia announced that it would allow foreign investment in listed companies that own real estate within Islam’s two holiest sites of Mecca and Medina, Reuters reported.
Accordingly, foreigners will have the opportunity to invest in companies that basically obtain revenues from Islamic pilgrimage.
This remarkable step seeks to capture foreign investments and provide proper liquidity for present and future projects in the two cities, according to the Capital Market Authority (CMA).
In the same context, Saudi Arabia noted that it aims to welcome 30 million pilgrims for Hajj and Umrah per year by 2030.
In 2019, it earned about $12 billion from the two pilgrimages, according to official data.
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