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Non-Saudi Ownership Approved for Umm Al Qura's Masar in Makkah
Umm Al Qura's Masar Destination gets approval for non-Saudi property ownership in Makkah, a first that could open demand from foreign investors and expatriates.
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Umm Al Qura for Development announced Monday that its Masar Destination project has been added to the list of geographic areas in Makkah where non-Saudis may own property. The approval expands foreign ownership rights in the holy city, which had long restricted property purchases to Saudi nationals and certain long-term leaseholds.
Masar Destination is a large mixed-use development in northern Makkah, near the Grand Mosque. The project includes residential towers and hotels. It sits on land allocated under Saudi Arabia's Vision 2030 initiative, which aims to diversify the economy and boost tourism to religious sites.
Non-Saudi ownership in Makkah and the holy city of Medina was historically limited. In 2021, the Saudi government began identifying specific zones where foreign nationals could buy property. The inclusion of Masar Destination suggests the government is slowly widening those boundaries.
For Umm Al Qura, the decision opens a new buyer pool. Foreign nationals, including expatriates working in Saudi Arabia and investors from neighboring Gulf states, can now purchase units in the development. That could accelerate sales and support cash flow for the project, which has been under construction for several years. Umm Al Qura shares traded higher on the Tadawul after the announcement. Volumes were thin.