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.

Saudi Arabia on Monday said foreigners are from now on allowed to invest in Saudi-listed companies that own property in Mecca and Medina, Islam's two holiest cities. It said foreign investment "in companies owning real estate within the boundaries of Mecca and Madinah will be limited to shares of these Saudi companies listed on the Saudi capital market,

Saudi Arabia said it will begin allowing foreigners to invest in publicly-traded companies owning real estate in the holy cities of Makkah and Madinah as the kingdom looks to draw in more overseas investment.

Dubai: Saudi Arabia has announced a significant policy shift by allowing foreigners to invest in real estate companies operating in the Holy Cities of Mecca and Medina. According to Saudi Capital Market Authority (CMA),