People of the world will be able to buy property in the holy cities of Muslims Mecca and Medina , Saudi Arabia has opened the doors, know the plan

Saudi Arabia's Capital Market Authority has allowed foreign investment in real estate companies in Mecca and Medina. The move is aimed at attracting foreign capital and strengthening the Saudi market. It is part of MBS's Saudi Vision 2030.
Saudi Arabia's Capital Market Authority (CMA) has allowed foreign investment in real estate companies in important cities like Mecca and Medina. This policy has been implemented with immediate effect. It aims to attract foreign capital, strengthen the Saudi capital market and promote development projects in both cities. This decision has been taken at a time when Crown Prince Mohammed bin Salman is taking steps to reduce dependence on oil by making Saudi's economy flexible. This decision can give impetus to his plan.
The historic decision to allow foreigners to invest opens the doors of real estate in Mecca and Medina to investors from around the world. This will give a boost to Saudi Arabia's Vision 2030, whose main goal is to make the Saudi capital market attractive to international investors. The CMA believes that this move will increase the ease of development projects in the holy cities of Muslims and strengthen the competitiveness of the Saudi market at the regional and global levels.
What the new rules say
Under the new rules, foreign investment is allowed to invest in shares of Saudi-listed companies that own real estate in Mecca and Medina. Foreign investors (both individuals and companies) from outside Saudi Arabia can collectively hold up to 49 percent of shares in a project. This policy enables foreign investors to participate in economic growth driven by development projects in the holy cities.
The CMA has introduced a number of reforms to make Saudi Arabia's capital markets more accessible to foreign investors. These include allowing foreign residents to invest directly in the Saudi stock market, enabling foreign institutions to invest through swap agreements and other means, and allowing foreign investors to acquire debt instruments and real estate funds.
This new step is an important step towards Saudi Arabia's economic reforms. It shows that the country is committed to strengthening its economy and becoming an attractive destination for global investors. Experts say that this step of CMA is welcome. This is expected to strengthen Saudi Arabia economically. Capital will especially come to Mecca and Medina, which are famous cities all over the world due to their religious importance.
PC:Zeenews