Saudi Arabia Opens Mecca Property Market to Foreign Investors, Aims for $100 Billion FDI
Saudi Arabia Opens Mecca Property Market to Foreign Investors, Aims for $100 Billion FDI
- •Saudi Arabia is allowing foreign investors to buy property in Mecca, aiming to attract $100 billion in FDI by 2030.
- •The holy city is undergoing a major transformation with luxury towers, malls, and new apartment complexes replacing old structures.
- •Umm Al Qura for Development and Construction Co., a developer with major funds like Vanguard and BlackRock as shareholders, is leading a $27 billion program.
- •New rules permit foreign firms to invest in local developers and Muslims overseas to directly purchase property in Mecca.
- •Land values near the Grand Mosque have soared to $87,000 per square meter, making Mecca a prime investment destination.
