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 are the reasons behind Saudi Arabia's decision to allow foreign investment in its holy cities?

How might the changes in investment rules impact the real estate market in Saudi Arabia?

What specific groups of foreigners is Saudi Arabia targeting for investment in Mecca and Medina?

In what ways could the investment in the holy cities benefit Muslim-majority countries?

Discuss the significance of the steady demand for hotels and properties in the holy cities over the years.