In a written statement from the institution, "Saudi Arabia will accept non-citizens' contributions to the real estate fund within the borders of Mecca and Medina, in part or all of their assets through investment funds." statements were included.
With the said decision, foreigners will be able to own real estate in Mecca and Medina through investment funds.
It is stated that with this step, Saudi Arabia, the world's largest oil exporter, aims to attract more foreign capital to the country and reduce its dependence on oil revenues.
Saudi Arabia prevents foreigners from directly owning real estate in Mecca and Medina.
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