Saudi Arabia's market regulator said on Monday it would allow foreign investment in listed companies that own real estate within Islam's two holiest sites, Mecca and Medina.
Such a step, according to foreign media, reports Telegraph, comes as the Kingdom seeks to attract more investment.
Saudi Arabia's market watchdog, the Capital Markets Authority (CMA), said in a statement that the move aimed to attract foreign capital and provide liquidity for current and future projects in the two cities.
Saudi Arabia has said it aims to welcome 30 million pilgrims for the Hajj and Umrah year-round pilgrimage each year by 2030.
In 2019, according to official data, it earned about $12 billion from the two pilgrimages.
The annual pilgrimage plays a vital role in the country's economy and increasing the number of pilgrims is an integral part of the Vision 2030 economic reform agenda that aims to move the economy away from oil revenues. /Telegraph/
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