Saudi Arabia Welcomes Foreign Investors To Mecca In Bid To Draw $100 Billion FDI By 2030

Last Updated:February 13, 2026, 18:54 IST

The holy city, home to the Grand Mosque and the birthplace of the Prophet Muhammad, is seeing a dramatic transformation.

Saudi Arabia is opening the property market in Mecca to foreign investors, a move that could unlock billions in international investment, according to a Bloomberg report.

The holy city, home to the Grand Mosque and the birthplace of the Prophet Muhammad, is seeing a dramatic transformation. Rows of old red-brick houses and winding alleys are being replaced by luxury towers, sprawling malls and new apartment complexes, creating a modern infrastructure to support millions of pilgrims each year.

Yasser Abu Ateek, chief executive of Umm Al Qura for Development and Construction Co., told the publication that international investors are showing a keen interest in the city’s projects.

The developer, responsible for a $27 billion programme adding thousands of residences and hotel rooms, counts major funds such as Vanguard, HSBC, State Street and BlackRock among its shareholders. Since its stock listing last year, Umm Al Qura has risen about 17%, Bloomberg reported.

The Saudi government has taken key steps to make Mecca accessible to foreign buyers. Last year, foreign firms were allowed to invest in local developers, and now Muslims overseas can directly purchase property in the city.

Analysts estimate that while roughly $60 billion in projects are already planned or under construction, these new rules could bring in billions more.

Land values near the Grand Mosque have surged, reaching nearly $87,000 per square metre, among the highest globally. Abu Ateek said, “Mecca is on the radar of the who’s who in the investment arena."

The shift highlights a broader change in Saudi Arabia’s strategy. After years of funding futuristic mega-projects such as Neom, the government is now focusing on more pragmatic economic sectors like tourism, finance and religious infrastructure.

With millions of pilgrims visiting annually and Islam being the fastest-growing religion in the world, Mecca and Medina are emerging as prime destinations for both religious tourism and foreign investment.

News world Saudi Arabia Welcomes Foreign Investors To Mecca In Bid To Draw $100 Billion FDI By 2030

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