The kingdom has also reoriented its spending from overseas into its domestic market. One indicator of this was that in 2024, the UAE’s Mubadala surpassed Saudi Arabia’s Public Investment Fund (PIF) as the world’s most active sovereign wealth fund.

Saudi Arabia’s market watchdog, the Capital Market Authority (CMA), said in a statement the move aimed to attract foreign capital and provide liquidity for present and future projects in the two cities.

In a major policy shift, Saudi Arabia has allowed foreign investors to invest in publicly-traded companies owning real estate in the holy cities of Mecca and Medina. Under the new policy, foreigners can purchase shares and convertible debt instruments in companies listed on the Saudi stock exchange.

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's market regulator revealed that foreign investors are now permitted to invest in publicly traded companies that own real estate in Mecca and Medina. This initiative is part of the kingdom's strategy to draw international investment and increase liquidity for projects in these prominent religious cities.