Indonesia becomes the first foreign country to own real estate in Makkah
Published
The Kingdom of Saudi Arabia has announced a new historic step in the real estate investment sector, as Indonesia has become the first foreign country to acquire property ownership in the city of Makkah. This move comes within the framework of strengthening economic and investment relations between the two countries.
Indonesia's sovereign wealth fund, known as "Danantara," has received the official title deeds for the property. This initiative is part of Indonesia's strategy to develop its services and facilitate the affairs of its citizens who arrive in large numbers to perform Hajj and Umrah annually.
This step underscores the attractiveness of the real estate market in the Kingdom of Saudi Arabia, especially in the holy cities that are witnessing significant urban development under the Kingdom's Vision 2030. It also reflects international confidence in the Saudi investment environment, which offers diverse opportunities for international partners.
It is expected that this investment will contribute to enhancing bilateral cooperation between Riyadh and Jakarta in various fields. The competent authorities in the Kingdom are working to facilitate regulatory procedures to ensure the success of such strategic partnerships that serve sustainable development goals.
This move is considered a precedent of its kind, opening the door for further foreign investment in the hospitality and real estate sector in Makkah. The Kingdom continues to strengthen its position as a leading global destination for investment, with a focus on improving the experience of visitors and pilgrims from all over the world.
Sources: Al-Monitor
More Saudi Arabia news
- Saudi Arabia cuts Hajj travel procedures to 15 minutes
- Saudi Arabia Ranks Fifth Globally in AI Adoption in 2026
- Friendly Match Between UAE and Syria at Hazza bin Zayed Stadium
- Al Mana Group of Qatar Expands Its Presence in Saudi Arabia's Major Projects
- Saudi and US Chambers of Commerce Sign Memorandum of Understanding on the Sidelines of the B20 Summit
- Historic British Schools Expand to the UAE in Search of Growth
- Saudi Foreign Minister Meets Ukrainian Counterpart in Paris and They Sign Memorandum of Understanding on Visa Exemption for Short Visits
- Saudi Arabia and Türkiye Sign Memorandum of Understanding on Electricity Projects Cooperation