Dubai: The Saudi Arabia market regulator said on Monday that it will allow foreign investments in reduced companies that own real estate in the two most sacred locations of Mecca and Madin, because the Gulf countries are trying to attract more investment. This step will allow foreigners to invest in companies whose income depends on the pilgrimage, one of the highest sources of revenue of the oil -rich kingdom. The Guardian on the Saudi Arabia, The Capital Market (CMA) Office, said in its intention to attract foreign capital and provide liquidity to current and future projects in two cities. Saudi Arabia said it wanted to welcome 30 million pilgrims for Hadž and a year -round pilgrimage to which they will sail annually. In 2019, according to official data, it earned about $ 12 billion of two pilgrimage data. The annual pilgrimage plays an essential role in the country’s economy and increasing the number of pilgrims is an integral part of its vision of the agenda of economic reforms by 2030 aimed at shutting down the economy from oil from oil. Benchmark Index Saudi Arabia. Tasi increased by 0.2 %, led by a 10 % increase in Jabal Omar Development Company 4250.se and Makkah Construction and Development Company 4100.Se, which has real estate in Mecca. Bours, the largest Arab Persian Gulf region with a market capitalization of 10.2 trillion Riyals ($ 2.72 trillion), opened to foreign investors in 2015 in an effort to attract more funds and recorded new statements in recent years. CMA said foreign investments would be limited to stocks, convertible debt tools or both and exclude “strategic foreign investors”. The watchdog added that people without Saudi nationality will not be able to own more than 49 % of shares of participating companies. In 2021, non-Saudic Arabs could subscribe to investment in real estate in Mecca and Madina.
