Foreigners allowed to buy real estate in Mecca and Medina

Saudi Arabia on Monday allowed foreigners to invest in real estate in the kingdom's holy cities of Mecca and Medina, a move aimed at attracting foreign investment to the Saudi economy and developing infrastructure.

Saudi Arabia plans to host around 30 million Hajj and Umrah pilgrims by 2030. In 2019, the pilgrimage revenue to the Saudi economy amounted to more than $12 billion. These pilgrimages play an important role in the country's economy, and the government is seeking to expand work in this area.

Shares in Mecca-based developers rose 10% after the announcement of a decision to invest in real estate in Mecca and Medina. However, there are still restrictions on housing sales. For example, non-SA citizens cannot own more than 49% of the property.