RIYADH: Saudi Arabia’s gradual opening of investment channels into Makkah and Madinah is drawing interest from developers and institutional investors seeking exposure to what could become one of the Kingdom’s largest long-term real estate opportunities. The move comes as authorities seek to attract capital while preserving the religious significance of Islam’s holiest cities. It follows a series of Vision 2030-linked reforms, including the Capital Market Authority’s 2025 decision allowing foreign investors to invest in Saudi-listed companies with exposure to real estate in Makkah and Madinah. In January, the Real Estate General Authority’s updated framework governing foreign property ownership came into force. “I see the decision to broaden foreign ownership opportunities in Makkah and Madinah coming at a pivotal moment in Saudi Arabia’s transformation agenda,” Robert Coulson, executive adviser for real estate at Accenture, told Arab News. While direct ownership in Makkah and Madinah remains restricted to Saudi companies and Muslim individuals, broader investment access is already reshaping how international investors view the market. “For international investors, this is not merely a market opening; it is an opportunity to participate in one of the world’s most important faith-based urban transformations under the stewardship of the Custodian of the Two Holy Mosques,” he added. The changes come as Saudi Arabia accelerates efforts to expand religious tourism and accommodate rising pilgrim numbers. According to the General Authority for Statistics, 1.7 million pilgrims performed Hajj this year, while the Kingdom aims to attract 30 million Umrah pilgrims annually by 2030. Hospitality capacity is also expanding rapidly. Real estate consultancy Knight Frank estimates Saudi Arabia currently has around 171,650 hotel rooms, with another 94,500 rooms under construction or in advanced planning stages. Those fundamentals are helping position Makkah and Madinah among the world’s most resilient long-term real estate investment destinations, according to industry experts. Coulson