Now Hindus will also be able to buy property in Mecca-Medina!
The capital Market Authority (CMA) of saudi arabia has taken a historic step. Under this, foreigners have been allowed to invest in real estate companies in the holy cities of Islam, Mecca and Medina. Its purpose is to promote foreign investment, strengthen the capital market here and promote development infrastructure in both of these.
This will be the share of foreign investors in the project
Under this new rule, foreign investors will be able to invest in those companies listed on the Saudi Stock Exchange, which are located in these two cities. Whether it is an individual or a company, collectively the share of a foreign investor in a project will be up to 49 percent only. After this news came, the shares of some real estate firms here rose. In saudi arabia, the shares of Jabal Omar Development Company rose by up to 10 percent. This list also includes Dar Al Arkan Real Estate Development Company, Taiba Investment Company, Emaar Economic City and Makkah Construction and Development Company.
Foreign investors also get the convenience of this
Let us tell you that CMA has also introduced many such reforms, which will make Saudi's capital market more accessible to foreign investors, these include allowing foreign investors to invest directly in Saudi's stock market, enabling foreign firms to invest through many other means like swap agreements and also arranging debt or real estate funds for this.
Crown prince is also in favor of foreign investing
This new step will not only open the way for global investors here, but it will also strengthen the country's economy. Let us tell you that Saudi Crown prince Mohammed bin salman has decided to promote foreign investment in Mecca and Medina under his ambitious project 'Vision 2030'. Under 'Vision 2030', many reforms are being done in the country such as promoting foreign investment, trade and tourism. Its goal is also to diversify the oil-based economy here.
