Foreigners Can Now Invest in Makkah & Madinah Real Estate
Saudi Arabia’s Capital Market Authority (CMA) has announced that foreigners will now be able to invest in listed companies that own real estate in Makkah and Madinah.
In a statement issued in this regard, the (CMA) also clarified that foreign investment in these companies will be limited to shares and convertible debt instruments and “strategic foreign investors will not be able to participate in it.” The financial institution further informed that individuals who do not have Saudi citizenship will not be allowed to own more than 49 percent of the shares of the respective companies.
It should be noted that the income of such Saudi companies depends mostly on Hajj and Umrah, which are also a major source of Saudi Arabia’s overall income.