Saudi Arabia opens Makkah and Madinah to foreign investments

Strengthening the real estate sector and attracting more FDI into the Kingdom is one of the key goals outlined under the Vision 2030 program. (AFP)
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Updated 28 January 2025
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Saudi Arabia opens Makkah and Madinah to foreign investments

  • Move aims to boost the capital market’s competitiveness and align with the Kingdom’s Vision 2030 economic diversification objectives
  • While non-Saudis allowed to purchase properties in Kingdom, there are restrictions, in the holy cities ownership is generally limited to Saudis

RIYADH: Foreigners can now invest in Saudi-listed companies owning real estate in Makkah and Madinah, following a landmark decision by the Saudi Capital Market Authority.

Effective immediately, the move aims to boost the capital market’s competitiveness and align with the Kingdom’s Vision 2030 economic diversification objectives, the CMA announced in a press release. 

While non-Saudis are allowed to purchase properties in the Kingdom, there are specific restrictions, and in the holy cities ownership is generally limited to Saudi nationals — although foreigners are allowed to lease properties there. 

Under the new guidelines, foreign investments are limited to shares or convertible debt instruments of listed companies. Total non-Saudi ownership, including individuals and legal entities, is capped at 49 percent of a company’s shares.

However, strategic foreign investors are prohibited from holding stakes in these companies. 

The move comes amid reforms across the region, with most neighboring countries allowing foreigners to own properties, primarily in free zones or designated areas under certain restrictions. 

“Through this announcement, the Capital Market Authority aims to stimulate investment, enhance the attractiveness and efficiency of the capital market, and strengthen its regional and international competitiveness while supporting the local economy,” said the CMA. 

The changes are also designed to stimulate foreign direct investment in the Kingdom’s capital market, as well as bolster its regional and international competitiveness. 

“This includes attracting foreign capital and providing the necessary liquidity for current and future projects in Makkah and Madinah through the investment products available in the Saudi market, positioning it as a key funding source for these distinctive developmental projects,” added the CMA. 

Strengthening the real estate sector and attracting more FDI into the Kingdom is one of the key goals outlined under the Vision 2030 program, as Saudi Arabia aims to reduce its dependence on crude revenues and diversify its economy. 

The Kingdom aims to attract $100 billion in FDI by the end of this decade, and the government body has been implementing various initiatives and reforms to enhance the attractiveness of the capital market.

Some of these efforts include allowing foreign residents to directly invest in the stock market, enabling non-Saudi investors to access the market through swap agreements, and permitting qualified foreign capital institutions to invest in listed securities. 

The CMA has also allowed foreign strategic investors to acquire strategic stakes in listed companies and directly invest in debt instruments. 

In 2021, the CMA also allowed non-Saudis to subscribe to real estate funds investing within the boundaries of Makkah and Madinah, which played a crucial role in increasing the attractiveness of the capital market to both regional and international investors. 

The share prices of real estate companies listed on Saudi Arabia’s stock exchange surged following the CMA’s announcement. 

Knowledge Economic City saw its share price rise by 9.89 percent to close at SR16.66 ($4.44). 

Jabal Omar Development Co.’s share price also increased by 10 percent to SR25.85, while Makkah Construction and Development Co.’s stock price climbed 9.84 percent to close at SR106. 


KSrelief sends food to Libya, Uganda

Updated 18 February 2025
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KSrelief sends food to Libya, Uganda

RIYADH: The Kingdom’s aid agency KSrelief has distributed 600 food parcels to 2,907 people in the Libyan town of Suluq, the Saudi Press Agency reported on Tuesday.

This distribution is a part of the urgent food-assistance project for families affected by Cyclone Daniel in Libya, conducted in cooperation with the Libyan Red Crescent.

KSrelief also sent 25 tonnes of dates recently to Uganda.

Saudi Arabia’s government, through KSrelief, continues to provide aid to vulnerable communities across the world.


Saudi crown prince receives US Secretary of State Marco Rubio in Riyadh

Updated 18 February 2025
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Saudi crown prince receives US Secretary of State Marco Rubio in Riyadh

  • Rubio arrives in Kingdom after visit to Israel, the first leg of his Middle East tour
  • Russia, US delegates  will hold talks in Saudi Arabia in bid to end Ukraine war 

RIYADH: Saudi Crown Prince Mohammed bin Salman received US Secretary of State Marco Rubio at Al-Yamamah Palace in Riyadh on Monday.

The crown prince and Rubio discussed aspects of relations between their countries and ways to enhance and develop them in various fields, Saudi Press Agency reported. 

The latest regional and international developments and efforts made toward them to achieve security and stability were also discussed. 

The Saudi ambassador to the US Princess Reema bint Bandar, US National Security Advisor Mike Waltz, and US Special Envoy to the Middle East Steve Witkoff were among officials present at the meeting. 

Saudi Foreign Minister Prince Faisal bin Farhan receives US Secretary of State Marco Rubio in Riyadh on Monday. (SPA)

Earlier on in the day, Rubio was received by the Kingdom’s Foreign Minister Prince Faisal bin Farhan, Saudi Press Agency reported.

During the meeting, the diplomats reviewed Saudi-US relations and ways to enhance them to serve the interests of both countries.

They also discussed regional and international developments and efforts made in this regard.

Rubio arrived in the Kingdom after a visit to Israel, the first leg of his first Middle East tour in his current position. Next up on his tour will be the United Arab Emirates.


Saudi aid agency sends food to Sudan, clears mines in Yemen

Updated 18 February 2025
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Saudi aid agency sends food to Sudan, clears mines in Yemen

  • 30,000 food baskets to Sudan’s Sennar state, 536 mines cleared from war-ravaged Yemen

RIYADH: The Kingdom’s aid agency KSrelief has sent 30,000 food baskets to vulnerable people in Sudan’s Sennar state, the Saudi Press Agency reported recently.

The program seeks to support those displaced by the civil war, which is now approaching the two-year mark.

KSrelief’s food-security program helps people returning to their homes in the states of Gezira, Khartoum, Red Sea, Sennar, and White Nile.

Separately, the Saudi Project for Landmine Clearance, known as Masam, removed 536 mines from war-ravaged Yemen during the second week of February.

The cleared ordnances included nine anti-personnel mines, 48 anti-tank mines, 478 unexploded ordnance, and one improvised explosive device, the SPA reported.

“Up to 5 million people are estimated to have been forced to flee their homes since the beginning of the conflict in Yemen — many of them displaced by the presence of landmines on their land,” stated the project in a release on Monday.

A total of 481,766 explosive devices have been removed from Yemeni territory since the project’s inception in 2018.


UK science minister visits King Faisal Specialist Hospital’s heart center

Updated 18 February 2025
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UK science minister visits King Faisal Specialist Hospital’s heart center

  • Peter Kyle meets medical team responsible for world’s first fully robotic heart transplant
  • Visit follows global recognition of KFSHRC’s medical standing, groundbreaking innovations

RIYADH: The United Kingdom’s Secretary of State for Science, Innovation, and Technology visited the King Faisal Specialist Hospital and Research Center in Riyadh on Monday, the Saudi Press Agency reported.

Peter Kyle was shown the hospital’s cardiac facilities, which have pioneered advancements in cardiac care and medical innovation.

Kyle visited the Heart Center of Excellence, where he observed cutting-edge technologies and medical breakthroughs that have positioned KFSHRC as a global leader in specialized healthcare.

He was received by Dr. Hani Al-Sergani, the center's executive director, and his deputy, Prof. Feras Khaliel.

The British official met with the medical team responsible for the world’s first fully robotic heart transplant, a landmark achievement led by Khaliel.

Kyle also reviewed the latest advancements in minimally invasive organ transplantation, which reduce surgical risks and improve patient recovery times.

His visit follows the international recognition of KFSHRC’s medical milestones, particularly after the groundbreaking robotic heart transplant.

KFSHRC ranked first in the Middle East and North Africa region and 15th globally among the world’s top 250 academic medical centers for the second consecutive year.

It was also named the most valuable healthcare brand in Saudi Arabia and the Middle East by Brand Finance 2025, and was included in Newsweek’s World’s Best Smart Hospitals 2025 list.


Canadians helping to deliver Vision 2030, says ambassador

Updated 17 February 2025
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Canadians helping to deliver Vision 2030, says ambassador

  • Saudi reform program ‘will be a tool to bring peace, stability in the broader Middle East,’ says Jean-Philippe Linteau
  • Envoy will lead a delegation of Canadian companies working in the Kingdom’s smart and green cities on visit to Madinah  

RIYADH: Canadian expatriates are helping Saudi Arabia to deliver Vision 2030 at various levels, as the two countries continue to enjoy closer ties, according to the Canadian ambassador to the Kingdom.

Jean-Philippe Linteau underlined the growth in relations between the two countries, describing these as the “core” of diplomatic ties, during celebrations for National Flag Day of Canada in Riyadh on Sunday.

The ambassador told Arab News that more than 14,000 Canadians are now living and working in the Kingdom.

“These Canadians are working in the private sector, they are CEOs, they are in mid-management, they work in government, in universities — you find them everywhere,” he said.

“The Canadians are here helping to deliver on the Vision.”

Linteau expressed how proud he is to see Canadians supporting Vision 2030, saying that it will deliver “a bright future for all Saudis, and will also be a tool to bring peace and stability in the broader Middle East.”

During his interview, the ambassador also extended a message to the “tens of thousands of (Saudi) alumni” of Canadian universities saying: “Canada is your second home and you are always welcome there.”

The ambassador gave the opening remarks during Canadian Flag Day, speaking about how relations between the two countries are growing, adding that many Saudis have a connection to Canada and vice versa through education, work, and tourism.

Saudi Arabia and Canada restored ties in May 2023 following talks between Saudi Crown Prince Mohammed bin Salman and Canadian Prime Minister Justin Trudeau at the Asia-Pacific Economic Cooperation Forum in Bangkok in November 2022.

During his remarks, Linteau also announced that he will lead a delegation of Canadian companies working in the Kingdom’s smart and green cities on a visit to Madinah.

“Following my earlier visit to Madinah we decided to take them to see how the holy cities are changing and becoming a tourist hub and a tourist attraction, and how much there are opportunities to work together to make these cities more green and sustainable,” he said.

As a part of Flag Day festivities, the Embassy of Canada hosted a photo exhibition titled “Unceded” celebrating the culture, heritage, and lives of the indigenous peoples of Canada.

“As Canada comes to grip with its colonial past, this exhibition is about our commitment to reconciliation, cultural preservation, and fostering deeper understanding across nations,” Linteau said.

Flag Day also celebrates the national symbol of Canada, the maple leaf, which was adopted on the flag and raised for the first time 60 years ago over Parliament Hill.

“Flag Day is about celebrating our national symbol, the maple leaf. In 1965, Canada adopted the maple leaf in the flag that you know today,” the envoy said.

The maple leaf “is a symbol that unites Canadians and reflects their common values of democracy, inclusion, and equality,” he added.