Saudi Holy Cities to Open to Foreign Property Investors

Saudi Arabia is opening its holy cities to foreign investment, previously restricted to avoid price hikes. This change aims to fund major projects to expand the Hajj pilgrimage capacity. The stock market reacted positively, with real estate companies seeing significant gains. The focus is on attracting investment from Muslim-majority countries, though global investors may face limitations. This move aligns with Saudi Vision 2030, aiming to diversify the economy and attract foreign capital.

What was the primary reason for the historical prohibition on foreign investments in Saudi Arabia's holy cities?

• To preserve cultural heritage

• To avoid driving up property prices

• To maintain religious sanctity

• To prevent foreign influence

How did the stock market react to the new investment rules in Saudi Arabia's holy cities?

• It showed a significant increase

• It was unaffected

• It declined slightly

• It remained stable

Which specific group of foreigners is Saudi Arabia targeting for investment in the holy cities?

• Asian investors

• Middle Eastern and Muslim-majority countries

• Western investors

• European Union countries

What is a potential benefit for Muslim-majority countries investing in Saudi Arabia's holy cities?

• Immediate ownership of properties

• Long-term leasing opportunities

• Short-term profit gains

• Tax exemptions

How does the investment in holy cities align with Saudi Arabia's Vision 2030?

• It focuses solely on religious tourism

• It restricts foreign investments

• It aims to diversify the economy

• It reduces the number of pilgrims