00:00Saudi Arabia just opened its stock market to all foreign investors.
00:04It's the latest in a series of reforms by Saudi Crown Prince Mohammed bin Salman
00:08to try to diversify the economy and bring in more foreign cash.
00:12He also froze rents in Riyadh.
00:14He used relaxed rules around alcohol.
00:17And he's even allowed foreigners to own property in the holy cities of Mecca and Medina for the first time.
00:23The push for investment comes as the Gulf nation seeks to cut down on spending after years of excess.
00:28That's led to a shift in plans at some of the kingdom's most famed megaprojects.
00:34That includes the line at Neom and a cube-shaped skyscraper in the capital.
00:39Saudi Arabia may build fewer stadiums for the FIFA World Cup tournament in 2034 as well.
00:45Riyadh hopes that these latest reforms bring in $47 billion of foreign direct investment this year
00:51and $58 billion in 2027.
00:54The reforms come as the government contends with more uncertainty around oil prices amid fresh geopolitical tension.
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