
SAUDI ARABIA OPENS MECCA, MEDINA TO FOREIGN INVESTORS
Saudi Arabia on Monday said foreigners are from now on allowed to invest in Saudi-listed companies that own property in Mecca and Medina, Islam’s two holiest cities.
The decision “aims to stimulate investment, enhance the attractiveness and efficiency of the capital market, and strengthen its regional and international competitiveness while supporting the local economy,” the kingdom’s Capital Market Authority said in a statement.
It said foreign investment “in companies owning real estate within the boundaries of Mecca and Madinah will be limited to shares of these Saudi companies listed on the Saudi capital market, convertible debt instruments, or both.”
However, non-Saudi ownership cannot exceed 49 percent, the authority said.
Saudi Arabia is the Middle East’s largest economy and the world’s biggest exporter of crude oil.
It has for years been engaged in a vast reform agenda aimed at diversifying the economy with tourism and investment.
Mecca already receives millions of Muslim pilgrims each year but the city is undergoing massive development aimed at drawing 30 million faithful by 2030.
A project dubbed Masar, financed by the kingdom’s Public Investment Fund, foresees 40,000 new hotel rooms in Mecca.
The annual hajj and umrah pilgrimages brought in an estimated $12 million in revenue in 2019.
Non-Muslims are not permitted to enter the holy cities.
AFP
READ ALSO:
HAMAS REJECTS U.S PLAN TO RELOCATE PALESTINIANS TO EGYPT, JORDAN
More Stories
THREE POLICEMEN DETAINED IN LAGOS FOR EXTORTING CHINESE EXPATRIATE OF N100,000
A Special team of police officers attached to the Area F of the Lagos State Police Command have been detained...
ADELEKE URGES TINUBU TO CAUTION OYETOLA, APC DEFENDS MINISTER
Osun State Governor Ademola Adeleke has asked President Bola Tinubu to caution the Minister of Marine and Blue Economy, Gboyega...
SPORT: JUVENTUS DENY INTER TOP SPOT WITH 1-0 DERBY WIN
Juventus stopped Inter Milan from replacing Napoli at the top of Serie A on Sunday by beating their fierce rivals...
PETROAN DEBUNKS VIRAL VIDEO CLAIMS THAT NNPCL PETROL MEETS HIGHEST STANDARD
THE Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, said Nigerian National Petroleum Company Limited, NNPCL’s premium motor spirit,...
(JUST-IN) ENTERTAINMENT: SHAKIRA CANCELS CONCERT AFTER BEING HOSPITALIZED
Shakira has cancelled her concert in Peru’s capital on Sunday after being hospitalized with abdominal pain, a setback that comes...
US EMBASSY, CONSULATE TO CLOSE MONDAY IN OBSERVANCE OF PRESIDENTS’ DAY
The United States will temporarily shuts its Embassy in Abuja and the Consulate General in Lagos on Monday, 17 February...