RIYADH: Saudi Arabia’s gradual opening of investment channels into Makkah and Madinah is drawing interest from developers and institutional investors seeking exposure to what could become one of the Kingdom’s largest long-term real estate opportunities.
The move comes as authorities seek to attract capital while preserving the religious significance of Islam’s holiest cities.
It follows a series of Vision 2030-linked reforms, including the Capital Market Authority’s 2025 decision allowing foreign investors to invest in Saudi-listed companies with exposure to real estate in Makkah and Madinah. In January, the Real Estate General Authority’s updated framework governing foreign property ownership came into force.
“I see the decision to broaden foreign ownership opportunities in Makkah and Madinah coming at a pivotal moment in Saudi Arabia’s transformation agenda,” Robert Coulson, executive adviser for real estate at Accenture, told Arab News.
While direct ownership in Makkah and Madinah remains restricted to Saudi companies and Muslim individuals, broader investment access is already reshaping how international investors view the market.
