Liberty Politics
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Saudi Arabia Sells Out Mecca to Foreigners: Property Investments Open
Posted
February 6, 2025
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18:13Now PlayingSaudi Arabia is cracking open the financial floodgates to Mecca and Medina—inviting foreign investors to cash in on Islam’s holiest cities like never before. In a move that blends economic ambition with religious sensitivity, the kingdom will now allow non-Saudis to invest in real estate firms operating in these sacred sites, though non-Muslims remain banned from direct ownership. With Hajj and Umrah pilgrimages pulling in billions annually, Riyadh is betting big on foreign capital to fuel its Vision 2030 agenda and cut its oil dependence. But is this a bold step toward modernization, or a controversial sellout of sacred ground? As Bloomberg reports, “investor bids for the $12bn bond exceeded $30bn,” proving that global financiers are hungry for a stake—whether the faithful approve or not.
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