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. 


Saudi Cultural Development Fund champions cultural entrepreneurship at Expo 2025

Saudi Arabia’s ambassador to Japan Ghazi Faisal Binzagr took part in a panel discussion and networking event during Expo 2025.
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Saudi Cultural Development Fund champions cultural entrepreneurship at Expo 2025

  • Event highlighted investment opportunities in the cultural sector in Saudi Arabia
  • ‏Throughout Expo 2025 Osaka, CDF will display Saudi Arabia’s cultural ecosystem through activities, panel discussions and networking sessions

RIYADH: Saudi Arabia’s ambassador to Japan took part in a panel discussion and networking event during Expo 2025 in Osaka, Japan.

Hosted by the Saudi Cultural Development Fund, the event highlighted investment opportunities in the cultural sector in Saudi Arabia.

Titled “Cultural Entrepreneurship in Saudi Arabia: Fostering Innovation and Heritage,” the event at the Saudi Arabia Pavilion brought together global investors, entrepreneurs and cultural leaders to explore the Kingdom’s cultural renaissance.

‏The discussion, moderated by cultural researcher Saba Al-Khamis, featured Dr. Ghazi Faisal Binzagr, Saudi ambassador to Japan and commissioner general of the pavilion; CDF chief credit and investment officer Basil Al-Alola; Darren Barker, founder of Barker Langham; and Hessa Alajaji, founder of Saudi artisan design brand Accents.

The fund aims to position culture as a catalyst for global partnerships and investment, sharing success stories and sector-specific opportunities, Al-Alola said in a statement.

The dialogue emphasized culture as an engine for economic diversification and social growth, highlighting CDF’s tailored financing solutions driving the sector’s sustainable expansion.

‏The event celebrated Saudi artistic heritage through handicraft displays aligned with the 2025 Year of Handicrafts, alongside a performance by Japanese violinist Ikuko Kawai symbolizing Saudi-Japanese cultural collaboration.

“Our participation translates Saudi cultural assets into economic value,” Al-Alola said.

“We’re connecting international investors with local innovators to build a globally integrated cultural economy in line with Vision 2030.”

‏Throughout Expo 2025 Osaka, CDF will display Saudi Arabia’s cultural ecosystem through activities, panel discussions and networking sessions.


Film Commission showcases cultural power of Saudi cinema at London festival

Kingdom’s Film Commission will participate in the first European edition of the SXSW Festival. (@FilmMOC)
Updated 41 min 56 sec ago
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Film Commission showcases cultural power of Saudi cinema at London festival

  • Event is a global platform that brings together professionals and experts from various creative sectors through various events

RIYADH: The Kingdom’s Film Commission is participating in the first European edition of the SXSW Festival, which is being held in London from June 2-7, the Saudi Press Agency reported.

The event is a global platform that brings together professionals and experts from various creative sectors through events such as panel discussions, musical and comedy performances, film and TV screenings, exhibitions, competitions, and networking opportunities.

As part of its participation the commission will screen a selection of short Saudi films under the Saudi Film Nights initiative, aiming to showcase the Kingdom’s storytelling and promote national talent to international audiences.

It is also organizing a panel called “Empowering the Film Industry in Saudi Arabia: From Vision to Reality,” which will explore cinema’s role in shaping national identity, preserving cultural heritage, and supporting local content as a form of soft power.

The commission will highlight the Kingdom’s cinematic achievements through an exhibition at the country’s pavilion featuring films that have sold more than 250,000 tickets, participated in top international festivals, or won global awards — underscoring the growth and international rise of the Saudi film industry.

The commission forms a part of the Saudi pavilion alongside other creative sector entities, including the Music Commission, Culinary Arts Commission, and Fashion Commission, presenting a broad view of the Kingdom’s cultural diversity.

This participation reaffirms the Film Commission’s commitment to expanding Saudi Arabia’s global presence, empowering creative talent, and positioning the Kingdom as a regional leader in cinema.


Saudi interior minister reviews Hajj infrastructure, honors security forces

Saudi Arabia’s Interior Minister Prince Abdulaziz bin Saud bin Naif opens a field hospital in Arafat. (SPA)
Updated 59 min 39 sec ago
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Saudi interior minister reviews Hajj infrastructure, honors security forces

  • 100-bed field hospital opens

RIYADH: Saudi Arabia’s Interior Minister Prince Abdulaziz bin Saud bin Naif has opened a field hospital in Arafat, which is operated by the ministry’s General Administration of Medical Services.

The 100-bed facility is equipped with advanced medical technology and staffed by specialized teams to deliver rapid emergency care for pilgrims, the Saudi Press Agency reported.

Prince Abdulaziz has also launched a smart health bracelet system for security personnel, enabling real-time monitoring of vital signs and giving automatic alerts to command centers to enhance medical readiness.

The minister also attended a ceremony honoring Hajj Security Forces and was briefed on operational readiness during field exercises featuring specialized vehicles, aviation units, and crowd control systems.

Lt. Gen. Mohammed Al-Bassami, the director of public security, said the Saudi leadership had mobilized all resources to ensure the safety of pilgrims, noting strong coordination had led to outstanding results.

The minister also reviewed infrastructure upgrades at the holy sites, including phase two of the Mashaer pathway which boasts eco-friendly rubber flooring to ease movement and reduce heat.

He inspected new shading and cooling systems at Namirah Mosque designed to improve comfort during prayers.

His tour concluded at Mina’s new emergency hospital, which has expanded urgent care capacity, with its services meeting global standards.

Prince Abdulaziz also visited the Hajj Media Operations Center with Salman Al-Dossary, the minister of media, and received briefings on unified media coverage. He viewed the Hajj media hub’s Hajj Window and Transformation Exhibition, which showcases the services of 11 public and private entities.


Students organize science fair to bridge STEM access in Saudi Arabia 

Updated 01 June 2025
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Students organize science fair to bridge STEM access in Saudi Arabia 

  • Two teens put together competition to allow international students in the Kingdom to compete
  • ‘We are proud of these young men and what they have accomplished today,’ says school superintendent 

DHAHRAN: Two years ago, when freshmen Jungho Kang and Raahim Lone met during a group math project at the American School Dhahran, they quickly bonded over a shared love of STEM (science, technology, engineering and mathematics) — and the realization that they wanted to be part of a science-centric competitive space.

But as non-Saudis in the Kingdom, no such space existed for them. So, they built one from scratch.

Now in 10th grade, the two co-founded SANES (Saudi Arabian National Engineering Symposium), a new, student-led one-day science fair that took place for the first time on Saturday at their school.

What began as an ambitious idea between classmates has since grown into a dynamic, Eastern Province-wide event that welcomed more than 60 participants from more than seven schools.

Lone, who moved to Saudi Arabia from Canada two years ago, said it took time to adjust to his new home — but building SANES with Kang has helped him find his footing.

Living in the same compound made collaboration easy. They found a sweet spot near their homes where they would regularly meet to brainstorm and plan the fair before heading home. It became their unofficial HQ.

They spent countless evenings after school refining their vision. “We spent freshman year working on it. I think this year it’s been more consistent so I guess you could say we’ve been working on it for two years, but we’ve actually been really working on it for one,” Lone told Arab News with a laugh.

From the start, their goal was clear: give all students living in the Kingdom — Saudi and non-Saudi — a chance to present their ideas, gain feedback, and learn from professionals.

“I really hope that every contestant just takes away something good and I hope they can learn something from these judges because we got really good judges — they’re all really experienced — and just presenting and communicating their ideas because that was our main goal from the very beginning,” Kang told Arab News.

The event featured two rounds of judging, with a panel made up of local and international experts.

Kang and Lone ensured the evaluation process was impartial, with teachers helping them filter initial submissions before handing them over to the judges.

They did not judge the final projects themselves but trusted the panel of experts to do the evaluating.

Behind the scenes, organizing SANES felt a bit like launching a startup, Lone said.

“We started cold emailing all organizations — universities, companies, organizations — we even got so far as having online pitches with some organizations, but that never really came into fruition.

“So then we kind of turned into our ISG school group when our teachers found out that we were doing such things, and our old superintendent brought us in for a meeting.”

With support from the International Schools Group, which runs five schools in the Eastern Province, the students booked their school campus as the venue, secured snacks, and assembled an impressive judging lineup.

First place went to students from British School Dhahran, while ISG Dammam students claimed second and third.

Kang, originally from South Korea, has lived in the Kingdom since he was four. He is especially drawn to mathematical research and is passionate about expanding access to science education. He co-founded SANES “to help students across KSA engage more freely in scientific research.”

When they started high school, they wanted to join a science fair but found they were not eligible for the Saudi competitions nor the international ones. So they made their own.

Hans Ott, director of teaching and learning at ISG, praised the initiative. “What’s exciting about today is that it was started by two of our students.”

“When they were 14, 15-year-old students, they said ‘we want a STEM competition in Saudi Arabia.’

“And they created an inclusive environment where international students, Saudi students — anyone in the Kingdom — had a place to showcase their talent and love and passion for STEM.”

Assistant principal Will McConnell, who helped mentor the students through the process, was especially proud. “The journey has been both inspiring and instructive. SANES began as a student-led vision, and watching it come to life has been one of the most rewarding experiences of my career,” McConnell told Arab News.

“If students walk away feeling inspired, seen and empowered to pursue science and engineering further, then we’ve succeeded,” McConnell added.

 Superintendent Rhonda Norris echoed his words. “Success from my perspective has already occurred. Our students had a vision based on their passion and interests and through the support of the leadership team and our community, they brought it to fruition.

“We are proud of these young men and what they have accomplished today,” she said.

As for Kang and Lone? They are already thinking about what comes next. They hope to have the chance to go to college in the US, but in the meantime, with two more years of high school ahead, they are not slowing down — creating opportunities not only for themselves, but for their fellow students. They have already promised to “continue after we graduate, too.”


Saudi students tackle Hajj challenges with tech

Updated 31 May 2025
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Saudi students tackle Hajj challenges with tech

  • Musaed app concept highlights Kingdom’s youth-led innovation in service of pilgrims

RIYADH: A team of students at King Abdulaziz University has developed a mobile app designed to help Hajj pilgrims navigate their journey with ease, eliminating a common challenge faced during the intense pilgrimage: getting lost.

Led by student Hassan Al-Sulami, the team created the Musaed app, an interactive tool that can help pilgrims locate their camps and navigate crowded areas.

“The innovative idea aims to ease the pilgrims’ journey by presenting it at the upcoming Hajj and Umrah Conference, seeking a sponsor to adopt it,” Al-Sulami said. “We are working to integrate it into the Nusuk Haq Hajj app.”

HIGHLIGHTS

• Although the app is still in its prototype phase and pending official approvals, the Musaed project reflects the creativity and technical potential of Saudi youth.

• Led by Saudi student Hassan Al-Sulami, the Musaed app is an interactive tool that can help pilgrims locate their camps and navigate crowded areas.

The app was born out of firsthand observation during the 2022 Hajj, when Al-Sulami and his team noticed many pilgrims struggling to find their tents, leading to missed rituals and logistical and transport delays.

Using technologies like the Internet of Things, Musaed enables pilgrims to identify their camp locations on an offline map after an initial download.

A standout feature is its use of the phone’s camera to identify the direction of the camp, similar to how one uses augmented-reality compass function to find the Qibla direction. The app’s concept also includes audio and visual directions that serve as a personal guide to help pilgrims navigate their surroundings.

The app will also provide suggested routes and available facilities, as well as a real-time alert feature that notifies users of congestion. A built-in contact feature allows direct communication with supervisors or relevant authorities, adding a layer of safety and assurance.

Although the app is still in its prototype phase and pending official approvals, the Musaed project reflects the creativity and technical potential of Saudi youth.

With more than 1 million pilgrims arriving each year, initiatives like Musaed offer scalable, tech-forward solutions that support Saudi Arabia’s commitment to serving pilgrims with efficiency and care.