Mumbai, January 29: Saudi Arabia has announced that it will allow foreign investors to purchase shares and convertible debt instruments in publicly traded companies owning real estate in Mecca and Medina. This decision marks a significant step toward attracting more overseas investment.
Starting today, foreign investors can invest in firms listed on the Saudi stock exchange that hold real estate in these holy cities of Mecca and Medina, although foreign ownership will be capped at 49% of a company’s listed shares, with exceptions for strategic foreign investors, a report said. Saudi Arabia’s Network of Spending and Influence Detailed Before Getting World Cup 2034 From FIFA.
Saudi Arabia Allows Foreign Investments in Holy Cities of Mecca and Medina
The move has led to a rise in shares of real estate companies, including Jabal Omar Development Co., which surged by up to 10% at market opening. Other companies, such as Dar Al Arkan Real Estate Development and Taiba Investments, also stand to benefit. Saudi Arabia Road Accident: EAM S Jaishankar Mourns Death of 9 Indians Nationals Near Jizan, Assures Full Support to Families.
This decision aligns with Saudi Arabia's Vision 2030 goals to diversify its economy and enhance its investment appeal. The kingdom has been rolling out reforms, including relaxing foreign ownership rules and undertaking major expansion projects in Mecca and Madinah, as it aims to host 30 million foreign worshippers annually by 2030. Previously, in 2021, foreign investors were allowed to invest in real estate funds within the holy cities but not in company shares or debt instruments.
(The above story first appeared on LatestLY on Jan 29, 2025 05:37 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).