Saudi Arabia has announced that foreign investors are now allowed to invest in the country’s financial markets and acquire properties in Mecca and Medina.
According to a statement released by the Capital Markets Authority of Saudi Arabia, foreign investment will be limited to shares in companies that own properties in Mecca and Medina. These companies must be listed on the Saudi stock exchange, and their bonds will be convertible into shares.
The statement also highlighted that the investment instruments will include bonds, treasury bills, commercial paper, and certificates of deposit.
As the largest economy in the Middle East and the world’s leading exporter of crude oil, Saudi Arabia has been implementing a series of reforms in recent years to diversify its economy through tourism and investment initiatives.
