Saudi Arabia aims to welcome 30 million pilgrims for Haj and the year-round pilgrimage umrah annually by 2030. In 2019, it earned about $12 billion from the two pilgrimages, according to official data.

Saudi Arabia's market regulator is opening listed companies owning real estate in Mecca and Medina to foreign investors. This initiative aligns with economic diversification under Vision 2030, aiming to increase pilgrimage numbers and reduce oil dependency.

Non-Muslims are not allowed to own property in the holy cities of Makkah and Madinah, even after Saudi Arabia gradually allowed some foreigners to own property in various parts of the kingdom.

In a major policy shift, Saudi Arabia has allowed foreign investors to invest in publicly-traded companies owning real estate in the holy cities of Mecca and Medina. Under the new policy, foreigners can purchase shares and convertible debt instruments in companies listed on the Saudi stock exchange.

Foreigners can now invest in Saudi-listed companies owning real estate in Makkah and Madinah, following a landmark decision by the Saudi Capital Market Authority. Saudi Arabia eases foreign investment rules for Makkah and Madinah real estate.

Saudi Arabia's market regulator says it will allow foreign investment in listed companies that own real estate within Islam's two holiest sites of Mecca and Medina, as the Gulf country looks to attract more investment.

Saudi Arabia on Monday said foreigners are from now on allowed to invest in Saudi-listed companies that own property in Mecca and Medina, Islam's two holiest cities. It said foreign investment "in companies owning real estate within the boundaries of Mecca and Madinah will be limited to shares of these Saudi companies listed on the Saudi capital market,