Riyadh: The Saudi Arabian government has allowed foreigners to invest in shares of real estate companies in Mecca and Medina.
According to Arab media, this was announced by the Capital Market Authority, which has made it mandatory for foreigners to implement regulations for investment. Under these regulations, foreign individuals and institutions will not be able to invest more than 49 percent of the company’s shares in total. In addition, foreign investors will also be allowed to invest in shares of Saudi companies that are registered in the Saudi financial market.
Allowing investment is part of Saudi Arabia’s economic strategy and the Crown Prince’s Vision 2030. Foreign investment will further strengthen the real estate sector. Saudi Arabia will also offer more attractive incentives to investors in the near future, including in the tourism sector.
