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. The decision “aims to stimulate investment,

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 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.