Saudi Allows Foreign Investment in Holy Cities - What it Means For Tourism
Photo Credit: Pilgrims at Makkah, Saudi Arabia Unsplash / Tasnim Umar
Skift Take
Religious tourism is a historic and lucrative business in Saudi Arabia. That should mean it's easier to draw overseas investors.
Saudi Arabia has opened up foreign investment into real estate firms in its holy cities this week, a move that will support development in the kingdom's most lucrative tourism destinations. Listed companies that own real estate in Makkah and Madinah can now receive investment from non-Saudis.
The Saudi market regulator Capital Market Authority said in a statement: "Through this announcement, the Capital Market Authority (CMA) 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."
"This includes attracting foreign capital and providing the necessary liquidity for current and future projects in Makkah and Madinah through the investment products available in the Saudi market, positioning it as a key funding source for these distinctive developmental projects."
The Ministry of Hajj and Umrah did not immediately respond to r
