Saudi Arabia Permits Foreign Investments in Companies with Property in Makkah and Madina

Saudi Arabia Opens Makkah and Madinah Real Estate to Foreign Investors

Saudi Arabia has taken a significant step by permitting foreign investment in real estate companies owning property in the holy cities of Makkah and Madinah. As part of Vision 2030, the Saudi Capital Market Authority (CMA) announced this initiative to attract foreign capital and diversify the economy. Foreign investors can now purchase shares or convertible debt in these companies, though ownership is limited to 49%, with certain restrictions for strategic investors. This decision aims to boost the capital market's competitiveness, fund development projects in Makkah and Madinah, and leverage the lucrative Hajj and Umrah pilgrimage sector, which generates billions annually. By 2030, Saudi Arabia hopes to attract $100 billion in foreign investments, aligning with regional trends in real estate investment.