Map of Saudi Arabia | STOCK IMAGE Riyadh, Saudi Arabia — 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. The decision “aims to stimulate investment, enhance the attractiveness and efficiency of the capital market, and strengthen its regional and international competitiveness while supporting the local economy,” the kingdom’s Capital Market Authority said in a statement. Article continues after this advertisementIt 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, convertible debt instruments, or both.” FEATURED STORIES BUSINESS BIZ BUZZ: Robina celebrates ‘twin’ BUSINESS PH seen stuck in middle income trap until 2050 BUSINESS Gov’t T-bill purchase exceeds targetREAD: Saudi crown prince says kingdom intends to invest $600B in US However, non-Saudi ownership cannot exceed 49 percent, the authority said. Article continues after this advertisementSaudi Arabia is the Middle East’s largest economy and the world’s biggest exporter of crude oil. Article continues after this advertisementIt has for years been engaged in a vast reform agenda aimed at diversifying the economy with tourism and investment. Article continues after this advertisementMecca already receives millions of Muslim pilgrims each year but the city is undergoing massive development aimed at drawing 30 million faithful by 2030. A project dubbed Masar, financed by the kingdom’s Public Investment Fund, foresees 40,000 new hotel rooms in Mecca. Article continues after this advertisementThe annual hajj and umrah pilgrimages brought in an estimated $12 million in revenue in 2019. Non-Muslims are not permitted to enter the holy cities. Subscribe to our daily newsletter Meralco said that power rates will drop by P0.3587 per kilowatt-hour for the October billing period, bringing this month’s overall rate to P11.4295 per kWh from P11.7882 per kWh in September. “For 2025, we need P11.5 billion to be approved. Otherwise, each billion of the deficit would result in about 2.1 hours of no power. We won’t be able to buy any fuel,” Fernando Martin Roxas, Napocor president and chief executive officer, told reporters on the sidelines of the Enlit Asia 2024 energy conference on Wednesday. free spins on sign up |
