Saudi Arabia is going to allow foreigners to invest in public companies that own real estate in Mecca and Medina, two of Islam's holiest cities.
Citizens of other countries will be allowed to purchase shares and convertible debt instruments of companies that own private or public real estate in these cities. The ownership share of non-residents of Saudi Arabia in such enterprises cannot exceed 49%.
Saudi Arabia is the largest economy in the Middle East and the world's largest oil exporter. For many years, it has been carrying out extensive reforms aimed at diversifying the economy through tourism and investment.
Mecca already receives millions of Muslim pilgrims every year and plans to attract 30 million worshippers annually by 2030.
Non-Muslims are not allowed to enter the holy cities.
Source: Middle East Eye
