Advertisement
Categories: NewsWorld

Saudi Arabia Opens Real Estate-Linked Investments in Makkah, Medina to Foreigners

Advertisement

Saudi Arabia has announced a policy change allowing foreign investments in listed companies with real estate holdings in Makkah and Medina, aiming to attract global capital and boost liquidity for projects in these holy cities.

The Capital Market Authority (CMA) stated the decision aligns with the Kingdom’s Vision 2030 goals to diversify the economy away from oil by leveraging pilgrimage revenues. The move will enable foreign investors to purchase shares or convertible debt instruments in such companies, though strategic foreign ownership remains restricted.

Foreign investors will be limited to a maximum of 49% ownership of these firms’ shares.

Key players like Jabal Omar Development Company and Makkah Construction and Development Company saw significant gains, with their shares surging 10%. Saudi Arabia’s benchmark index also witnessed an upward trend following the announcement.

The Kingdom plans to host 30 million Hajj and Umrah pilgrims annually by 2030, capitalizing on a sector that generated $12 billion in 2019. Expanding pilgrimage capacity forms a critical pillar of its economic reform agenda.

Since opening its bourse to foreign investors in 2015, Saudi Arabia’s stock market—valued at $2.72 trillion—has experienced increased activity, with this policy marking another step to attract international investments.

Advertisement
News Desk

Recent Posts

PM Shehbaz Removes PTV Fee from Electricity Bills, Launches Consumer-Led Billing App to Curb Overcharging

Prime Minister Shehbaz Sharif announced on Sunday the complete elimination of the PTV licence fee…

9 hours ago

Strengthening Educational Assessment in Balochistan: AKU-EB Concludes Capacity Building Project with Balochistan Assessment and Examination Commission

The Aga Khan University Examination Board (AKU-EB) has successfully concluded a capacity development and technical…

9 hours ago

Revolutionizing Pakistan’s Digital Landscape: USF Launches 7 New Broadband Services/Ofc Projects of Pkr 7.49 Billion to Enable 3.76 Million Residents From 12 Districts

In a landmark decision, the Universal Service Fund's (USF) Board of Directors has greenlit seven…

9 hours ago

Pakistan Enters Top 100 of Global Passport Index, Eyes Further Gains with Digital Upgrades

Pakistan’s passport has made a notable leap in global mobility rankings, entering the top 100…

1 day ago

International Survey Reveals Pakistanis Support Actions to Address Climate Change

An international survey conducted across 17 total countries, including Pakistan, was commissioned by the Global…

1 day ago

Pakistan’s first AI data center launched

Data Vault Pakistan has officially launched the country’s first AI-focused data center in Karachi, a…

1 day ago