In 2019, the income from two industries amounted to about 12 billion dollars, according to official data. The annual palm industry plays an important role in the country's economy, and the increase in the number of palm trees is an integral part of the economic reform of Saudi Vision 2030, aimed at reducing economic dependence on oil revenues.
The index of the Saudi Arabia stock market increased by 0.2%, led by Jabal Omar Development Company and Makkah Construction and Development Company with a 10% growth in shares. Both companies are engaged in real estate in Mecca. The exchange, located in the largest financial region of the Persian Gulf with a capitalization of 10.2 trillion riyals ($2.72 trillion), opened to foreign investors in 2015 in order to attract more funds, and in recent years there has been a noticeable increase in new listings.
The Capital Market Authority (CMA) stated that investments by foreigners will be limited to shares, obligations with the possibility of conversion or combinations of these options, excluding "strategic foreign investors." The regulator noted that persons without residency in Saudi Arabia cannot own more than 49% of the shares of any given firm.
In 2021, it was allowed for non-residents to invest in real estate funds, investing within the limits of Mecca and Medina. The regulator of the capital market in Saudi Arabia announced on Monday about the possibility of foreign investments in the listed companies that own real estate in the holy places of Islam - Mecca and Medina, as the country aims to attract more investments.
This step enables foreigners to invest in companies whose revenues are dependent on Hajj, one of the main sources of income for the oil sector. The Capital Market Authority in its statement specified that the aim of this decision is to attract foreign capital and ensure liquidity for current and future projects within two generations.
Saudi Arabia announced plans to attract 30 million pilgrims for Hajj and the annual Umrah pilgrimage by 2030. (1 dollar = 3.7509 riyals)