Saudi Arabia’s Ministry of Investment has announced that foreign firms will be permitted to own and sell real estate outside Makkah and Madinah for investment purposes, according to a Saudi Gazette report.

The ministry has set conditions, including that the property be outside the holy cities’ boundaries and that sales are not for speculation, the report said. Speculation involves buying and selling assets to profit from price swings.

Foreign investors need ministry approval to own property for personal residences, industrial and administrative headquarters, employee housing, and warehouses, according  to the report.

Projects must cost at least SAR30 million ($8 million) for land and construction and be located outside Makkah and Madinah, the report stated.

Firms must also commit to using the acquired land within five years, it added.