Foreign investment in companies owning property in Mecca and Medina is now allowed, limited to Saudi-listed firms and capped at 49% ownership.

Move aims to enhance the kingdom's capital market competitiveness and attract international investors while reducing dependence on oil exports. 

Mecca, which already hosts millions of Muslim pilgrims annually, is undergoing massive development, aiming to attract 30 million pilgrims by 2030, potentially boosting the city's contributions to the Saudi economy.