‎Foreign ownership in Makkah to boost demand, says Masar CEO

Saudi Arabia’s decision to allow non-Saudis to own property in Makkah will boost demand, Asharq Businessreported, citing Tariq Sharaf, CEO of Umm Al Qura for Development and Construction Co. (Masar). The company is awaiting the designation of the geographical zones where the regulation will apply and hopes to be included among them.

Demand from non-Saudi investors is very high, and including the Masar destination within the designated geographical scope would have a positive impact, Sharaf noted.

Total investments injected into the project exceeded SAR 38 billion at the end of 2025, said Sharaf, adding that the company will execute 10 land reservation contracts during 2026, which were signed last year with a total value exceeding SAR 1.9 billion.

Land reservation contracts provide more flexibility for investors, facilitating the completion of designs and permits and securing the required financing before the land purchase payment becomes due. This positively reflects on their investment returns.

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Sharaf added that the Masar destination is fully completed and ready in terms of infrastructure, with 74 activated plots and 23 developers on site developing several flagship projects. The company has outperformed its set plan due to strong market demand.

The Real Estate General Authority (REGA) declared that the Law of Real Estate Ownership by Non-Saudis, which entered into force, came in line with a regulatory framework based on the Geographic Zones Document”, noting that ownership in the two holy cities of Makkah and Madinah is restricted to Saudi companies and Muslim individuals from inside and outside the Kingdom.

Locations and geographic zones will be announced within the “Geographic Zones Document for Ownership” during the first quarter of this year, data compiled by Argaam showed.

Saudi Arabia’s decision to allow non-Saudis to own property in Makkah will boost demand, Asharq Businessreported, citing Tariq Sharaf, CEO of Umm Al Qura for Development and Construction Co. (Masar). The company is awaiting the designation of the geographical zones where the regulation will apply and hopes to be included among them.

Demand from non-Saudi investors is very high, and including the Masar destination within the designated geographical scope would have a positive impact, Sharaf noted.

Total investments injected into the project exceeded SAR 38 billion at the end of 2025, said Sharaf, adding that the company will execute 10 land reservation contracts during 2026, which were signed last year with a total value exceeding SAR 1.9 billion.

Land reservation contracts provide more flexibility for investors, facilitating the completion of designs and permits and securing the required financing before the land purchase payment becomes due. This positively reflects on their investment returns.

Sharaf added that the Masar destination is fully completed and ready in terms of infrastructure, with 74 activated plots and 23 developers on site developing several flagship projects. The company has outperformed its set plan due to strong market demand.

The Real Estate General Authority (REGA) declared that the Law of Real Estate Ownership by Non-Saudis, which entered into force, came in line with a regulatory framework based on the Geographic Zones Document”, noting that ownership in the two holy cities of Makkah and Madinah is restricted to Saudi companies and Muslim individuals from inside and outside the Kingdom.

Locations and geographic zones will be announced within the “Geographic Zones Document for Ownership” during the first quarter of this year, data compiled by Argaam showed.