The country earned $12 billion from the Hajj and the year-round pilgrimage of Umrah in 2019|Richard Mortel|CC BY 2.0

Saudi Arabia will permit foreigners to invest in publicly traded companies with real estate in the holy cities of Makkah and Madinah, the country’s market regulator, Capital Market Authority (CMA), announced on Monday.

The changes, however, limit foreign ownership to 49% of a company’s listed shares, said the CMA.

The move is part of the Saudi Vision 2030 plan, which aims to diversify the kingdom’s economy beyond oil wealth.

It wants to attract foreign capital on infrastructure projects, especially since it aims to accommodate 30 million worshippers annually by 2030.

The country earned $12 billion from the Hajj and the year-round pilgrimage of Umrah in 2019.

Market reactions were swift, with shares of Jabal Omar Development Company and Makkah Construction and Development Company jumping 10%.

Saudi Arabia’s stock market, valued at $2.72 trillion, opened to foreign investors in 2015 and has actively sought new listings and investment avenues.

Other globalization efforts include tapping in Oscar-winning musician Hans Zimmer to revamp the Arab nation’s anthem, the ongoing $500 billion NEOM city project, and hosting the 2034 World Cup.