Foreign ownership in Makkah to boost demand, says Masar CIO

The company is awaiting the designation of the geographical zones where the regulation will apply and hopes to be included among them, Sharaf told Asharq Business.

Demand from non-Saudi investors is very high, Sharaf noted, adding that including the Masar Destination within the designated geographical scope would have a positive impact.

Total investments injected into the project exceeded SAR 38 billion at the end of 2025, he said, adding that the company will execute 10 land reservation contracts during 2026, which were signed last year with a total value exceeding SAR 1.9 billion.

Land reservation contracts provide more flexibility for investors, facilitating the completion of designs and permits and securing the required financing before the land purchase payment becomes due. This positively reflects on their investment returns.

Sharaf added that the Masar Destination is complete and ready in terms of infrastructure, with 74 activated plots and 23 developers on site developing several flagship projects. The company has outperformed its set plan due to strong market demand.

According to data available with Argaam, the Real Estate General Authority (REGA) declared that the Law of Real Estate Ownership by Non-Saudis, which came in line with a regulatory framework based on the Geographic Zones Document”, taking into account the restricted ownership in Makkah and Madinah to Saudi companies and Muslim individuals from inside and outside the Kingdom.

Locations and geographic zones will be announced within the “Geographic Zones Document for Ownership” during the first quarter of this year.