Saudi Arabia allows foreigners to invest in firms with property in Mecca, Medina

[Hitman]

The move will allow foreigners to invest in firms whose revenues rely on the Islamic pilgrimage, one of the top revenue sources for the oil-rich kingdom.


Saudi Arabia's market regulator said on Monday it would 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.

The move will allow foreigners to invest in firms whose revenues rely on the Islamic pilgrimage, one of the top revenue sources for the oil-rich kingdom. Saudi Arabia's market watchdog, the Capital Market Authority (CMA), said in a statement the move aimed to attract foreign capital and provide liquidity for present and future projects in the two cities.

Saudi Arabia has said it 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.

The annual pilgrimage plays a vital role in the country's economy and upping the number of pilgrims is an integral part of its Vision 2030 economic reform agenda that aims to wean the economy off oil revenues.

Saudi Arabia's benchmark index was up 0.2 per cent, led by 10 per cent increases in both Jabal Omar Development Company and Makkah Construction and Development Company, which have real estate in Mecca.

The bourse, the Gulf Arab region's largest with a market capitalization of 10.2 trillion riyals ($2.72 trillion), opened up to foreign investors in 2015 in a bid to attract more funds and has seen a flurry of new listings in recent years.

The CMA said that under Monday's move foreign investment would be limited to shares, convertible debt instruments, or both, and would exclude "strategic foreign investors".

The watchdog added that people without Saudi nationality would not be allowed to own more than 49 per cent of shares of the firms involved.

In 2021, it allowed non-Saudis to subscribe to real estate funds investing within the boundaries of Mecca and Medina.

($1 = 3.7509 riyals)
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Link: https://www.deccanherald.com/busine...n-firms-with-property-in-mecca-medina-3374561​

 

[Hitman]

I'm afraid the Jews are not going to let go of this opportunity.

 

[Champ_Pal]

All of the investments will be done to provide facilities for pilgrims. Not sure if it matters whose money is invested in it.

Our Gujju brothers might also want to invest in cheaper motels. They are experts in it.

 

[BouncerGuy]

These Arabs have been one of the biggest reasons that ISLAM is not respected... Saudi Arabia has been secular now

 

[Hitman]

The watchdog added that people without Saudi nationality would not be allowed to own more than 49 per cent of shares of the firms involved.
​

This is the important bit.

 

[Farhan The Man]

These Arabs have been one of the biggest reasons that ISLAM is not respected... Saudi Arabia has been secular now

They are the pioneers of islam. They are fully versed with the language of islam. They know islam better than the converts -- specifically the subcontinental variety.

Succinctly, god sent quran for them anyways in arabic. Non-arabs are a dispensable count.

Had We revealed it as a non-Arabic Quran, they would have certainly argued, “If only its verses were made clear ˹in our language˺. What! A non-Arabic revelation for an Arab audience!” Say, ˹O Prophet,˺ “It is a guide and a healing to the believers. As for those who disbelieve, there is deafness in their ears and blindness to it ˹in their hearts˺. It is as if they are being called from a faraway place.” - Quran 41:44​

 

[Hitman]

They are the pioneers of islam. They are fully versed with the language of islam. They know islam better than the converts -- specifically the subcontinental variety.

Succinctly, god sent quran for them anyways in arabic. Non-arabs are a dispensable count.

Had We revealed it as a non-Arabic Quran, they would have certainly argued, “If only its verses were made clear ˹in our language˺. What! A non-Arabic revelation for an Arab audience!” Say, ˹O Prophet,˺ “It is a guide and a healing to the believers. As for those who disbelieve, there is deafness in their ears and blindness to it ˹in their hearts˺. It is as if they are being called from a faraway place.” - Quran 41:44​

Don't mind, but are you an ex Muslim?

 

[Farhan The Man]

Don't mind, but are you an ex Muslim?

Frankly, it ain't your business.

My personal relationship to god is what it is. Private. I'd offer the same privilege to you.

On my official documents it says islam. Must be true then.

 

[Hitman]

Frankly, it ain't your business.

My personal relationship to god is what it is. Private. I'd offer the same privilege to you.

On my official documents it says islam. Must be true then.

Of course, it's not my business. I asked you because you have knowledge about Islamic scriptures. I have observed it over time. At the same time, you don't show the attitude that you hold Islam in high regards.

That's why I asked. I have my highest regards for you, anyways.​

 

[Cpt. Rishwat]

Of course, it's not my business. I asked you because you have knowledge about Islamic scriptures. I have observed it over time. At the same time, you don't show the attitude that you hold Islam in high regards.

That's why I asked. I have my highest regards for you, anyways.​

Of course you have the highest regard because he posts Islamic scriptures in a negative light. These are usually way out of context, but I won't blame you for not understanding, as a non-Muslim how would you know it? But it fits your generally anti-Islamic views so agreement is natural. Again no blame on you, this is your path and you are entitled to it.

 

[DeadlyVenom]

I'm afraid the Jews are not going to let go of this opportunity.

Wow there is absolutely no need for this Anti Semitic comment and Anti Jewish comment.

 

[The_KING]

The end times are near. These Saudis rulers are the worst representatives of Islam.

 

[shaz619]

The end times are near. These Saudis rulers are the worst representatives of Islam.

This all is nothing new, the jibroni in the OP thinks he is being clever in some way like rats do in the sewers but most historically educated folk know the Najdi’s have been working with the devil for at least a couple of century’s and finally saw their plans come to fruition during our time.

 

[shaz619]

Wow there is absolutely no need for this Anti Semitic comment and Anti Jewish comment.

Sorry, hitman and his bro’s would like to extend their phull sapport for Israel:

 

[DeadlyVenom]

Sorry, hitman and his bro’s would like to extend their phull sapport for Israel:

View attachment 150263

Sorry bro but I think phull sappart is better than the anti semitic bile that @Hitman has unapologetically posted.

Being "afraid" that "the Jews" are going to purchase properties is hard right rhetoric and we can't stand for this type of demonisation.

 

[Cpt. Rishwat]

The end times are near. These Saudis rulers are the worst representatives of Islam.

Not sure they are actually. MBS appears to be restricting the influence of the Wahabis and their medieval outlook which has brought nothing but harm to the middle east and beyond.

 

[Devadwal]

Saudi are now more focusing on country development instead 24"7 talk about religious .

I see some people's are hurting just because Saudi crown prince is doing great things for his country.

 

[Farhan The Man]

Of course, it's not my business. I asked you because you have knowledge about Islamic scriptures. I have observed it over time. At the same time, you don't show the attitude that you hold Islam in high regards.

That's why I asked. I have my highest regards for you, anyways.​

I spent 11 years in madrassah education, observing firsthand hypocrisy from within.

The only commandment I absorbed wholeheartedly is the first word of quran: read. That freed me from shackles of manmade rituals.

Nevertheless, it is quite a scene to witness the ignorant -- specifically subcontinental variety -- pretend as thekedaars of islam. Mind numbing to say the least.

 

[HalBass9]

Of course, it's not my business. I asked you because you have knowledge about Islamic scriptures. I have observed it over time. At the same time, you don't show the attitude that you hold Islam in high regards.

That's why I asked. I have my highest regards for you, anyways.​

You've made it quite clear on multiple occasions that you hold the highest regard for anyone who tries to discredit and undermine nearly 2 billion Muslims.