Foreigners can now invest in Makkah, Madinah real estate
28 January, 2025 12:07
In another mover to attract foreign investment, Saudi Arabia government has allowed foreigners to invest in Makkah and Madinah real estate.
The move was confirmed by the Saudi Capital Market Authority (CMA) stating that it is part of Saudi Arabia’s Vision 2030 initiative.
Previously, non-Saudis were allowed to lease properties in Makkah and Madinah but faced significant restrictions on ownership.
Under the new directives, foreign investments will be limited to shares or convertible debt instruments of listed real estate companies, with non-Saudi ownership capped at 49 percent of a company’s shares.
However, strategic foreign investors remain prohibited from holding stakes in these companies.
“This initiative aims to attract foreign capital, provide liquidity for developmental projects in the holy cities, and position Saudi Arabia as a key player in the global capital market,” the CMA stated in its press release.
Vision 2030 targets attracting $100 billion in FDI by 2030 as part of efforts to reduce dependence on oil revenues.
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