Saudi Arabia's approval of the executive regulations for foreign property ownership and the designation of specific geographic areas for such ownership could provide a boost to real estate development companies' shares on the stock market.

This decision comes amidst the government's efforts to attract more investment and regulate the real estate sector in the largest Arab economy, at a time when the real estate management and development sector on Tadawul (the Saudi Stock Exchange) has recorded modest gains of approximately 1.6% since the beginning of the year.

Here is a list of several publicly traded companies related to regions and projects that may attract investor interest. This list does not necessarily mean that the shares of the listed companies will rise as a result of the announcement.

Umm Al Qura Development and Construction Company:

Developer of the "Masar" project in Mecca.

Stock performance this year: Down 2.27%.

Jabal Omar Development Company:

Owns a large real estate and hotel portfolio near the Grand Mosque in Mecca.

Stock performance this year: Down 0.95%.

Knowledge Economic City Company:

The master developer of the Knowledge Economic City project in Medina.

Stock performance this year: Up 3.06%.