Saudi Arabia has now opened the door for foreign companies to invest in the Muslim holy cities of Mecca and Medina.
The decision is aimed at bringing in more investors, making the market function better and helping Saudi Arabia compete with other countries.
However, foreign investors are only allowed to invest 49% in listed real estate companies or convertible debt instruments.
This move shows Saudi Arabia's efforts to diversify its income away from the oil industry.
The umrah and hajj sectors contributed $12 million to Saudi Arabia in 2019.
However, with the new policy made by the government, non-Muslims are still prohibited from entering the two cities.
