Shares and funds in Makkah and Madinah
A non-Saudi can hold shares in the listed companies that own buildings in Makkah and Madinah, or units in a licensed fund that holds them, without a deed in their own name. Funds investing in the two cities have taken non-Saudi money since 2021, and the companies’ shares since January 2025, with non-Saudi ownership capped at 49% of each company.
What the rules allow
A single foreign investor must stay below 10% of a company, and since 1 February 2026 a foreign individual can buy directly through a licensed Saudi brokerage, without the old qualified-investor status. A share or a fund unit is a stake in a company, which is a different thing from owning a home near the Haram. Below is who owns what, in each company’s own words, with its symbol. We hold no view on any price.
Buying through a company, in a minute · 1 min 2 s
Can a company buy in Makkah?
Read what the film says, line by lineListed companies that own in the two cities
The symbol is how you find each company on the Saudi Exchange.
Taiba Investments
Tadawul4090
Madinah
Taiba Investments describes itself as a hospitality company with more than five decades in hospitality and real estate, operating the Sheraton Hotel Al Madinah of around 435 rooms and suites and preparing the Waldorf Astoria Al Madinah of around 300 rooms beside the Prophet’s Mosque.
Makkah Construction and Development Company
Tadawul4100
Makkah
Makkah Construction and Development Company says it owns and manages an asset a few steps from the Grand Mosque: a hotel of more than 1,400 rooms and suites with a commercial centre of more than 17,000 square metres.
Jabal Omar Development Co.
Tadawul4250
Jabal Omar Development Company describes itself as one of the largest real estate companies in the Middle East and among the major companies listed on the Saudi stock market, developing a mixed-use project beside the Grand Mosque with hospitality towers, residential units and commercial centres under international hotel brands.
We track Jabal Omar serviced apartments under this company.
Knowledge Economic City Co.
Tadawul4310
KEC's press release of 30 September 2025 describes Al-Alya as around 2,000 residential units of contemporary apartments, serviced apartments and 70 villas, plus a Hyatt Centric hotel with 144 rooms and 480 Hyatt House serviced apartments, 10 minutes from the Prophet's Mosque.
We track Al-Alya (Knowledge Economic City) under this company.
Umm Al Qura for Development & Construction (Masar)
Tadawul4325
Umm Al Qura for Development and Construction, the developer of Masar in Makkah, listed on the Saudi Exchange main market on 24 March 2025 under symbol 4325 at SAR 15 a share, after an IPO of 130,786,142 new shares approved by the CMA.
We track Diyar Al Haram (Masar), 777 branded residences (Masar), Roya Al Haram (Masar) and Masar Corner under this company.
Only companies whose symbol we can cite are listed. Dar Al Arkan and Retal are listed and build in the two cities; they join this register when we have recorded their symbols from the exchange.
What their shares have done
18.59SAR, Aug 2026 closeup +37.0% since Sep 2023
Range 13.57 – 25.94
79.35SAR, Aug 2026 closeup +54.6% since Sep 2023
Range 51.34 – 110.20
17.06SAR, Aug 2026 closedown −18.1% since Sep 2023
Range 14.78 – 28.85
18.88SAR, Aug 2026 closeup +50.1% since Sep 2023
Range 11.42 – 19.47
17.03SAR, Aug 2026 closedown −31.9% since Mar 2025
Range 15.09 – 25.00 · listed Mar 2025
4.75SAR, Aug 2026 closedown −29.1% since Sep 2023
Range 4.75 – 6.87
Every panel's time axis runs Sep 2023Aug 2026
Monthly closing prices. The panels share one time axis, marked at each January, so the timing lines up across them. Each panel is scaled to its own price range, so neither the heights nor the size of the swings compare between panels. Dividends and distributions are left out, so each change shown is a change in price and understates what a holder received. Yahoo Finance — Tadawul closes, retrieved 19 Sep 2026. A record of what has happened, with no forecast and no recommendation. Drawing © Zullfa, zullfa.com.
Licensed funds that hold property there
A managed, Shariah-screened way in, with a ticket far below the price of a unit.
Jadwa REIT Al Haramain
Tadawul4332
Jadwa REIT Al Haramain is a closed-end Shariah-compliant traded REIT focused on Makkah and Madinah whose assets include the Tharawat Al-Taqwa hotel (acquired 2017 for SAR 250 million), Tharawat Al-Andaloseya hotel (2017, SAR 379 million) and the Tharawat Wadi Ibrahim hotel redevelopment (2020, SAR 160 million), all in Makkah.
SEDCO Capital × Wahed Makkah/Madinah real estate suite
Shariah-screened
Access: Wahed platform (500k+ clients)
A fund whose name misleads
Jadwa REIT Saudi invests in major Saudi cities and says it excludes Makkah and Madinah, so it is no route to property there; of the two, the Al Haramain fund is the one that holds assets in the two cities. Know of another licensed fund with assets there? Tell us and we will check it.
Sources
REGA — law text · 25 Jul 2025
Tadawul-listed companies, licensed funds and SPVs may own real estate Kingdom-wide including Makkah and Madinah under CMA rules (Law Art. 4).CMA announcement via GlobeNewswire · 28 Jan 2025
Non-Saudis have been permitted since 2021 to subscribe to real estate funds that invest within the boundaries of Makkah and Madinah, according to the Capital Market Authority.CMA announcement via GlobeNewswire · 28 Jan 2025
On 27 January 2025 the Capital Market Authority allowed foreign investors to buy shares or convertible debt of Saudi-listed companies that own real estate in Makkah and Madinah, with combined non-Saudi ownership capped at 49% of a company's shares and foreign strategic investors excluded.Gibson Dunn — Saudi CMA liberalises foreign investment access · 29 Jan 2026
Under the CMA rules in force from 1 February 2026 a non-resident foreign investor that is not a strategic investor may not own 10% or more of a listed issuer's shares, the Qualified Foreign Investor regime is abolished, and foreign individuals may hold listed securities directly.Greenberg Traurig — Saudi Arabia abolishes QFI status · 15 Jan 2026
The Capital Market Authority announced on 6 January 2026, effective 1 February 2026, that all categories of foreign investors, institutional and individual, may invest directly in the Saudi main market through licensed Saudi brokerages without Qualified Foreign Investor status, keeping the 49% aggregate and 10% single-investor ownership caps and sector-specific restrictions.Jabal Omar Development Company · 14 Sep 2026
Jabal Omar Development Company describes itself as one of the largest real estate companies in the Middle East and among the major companies listed on the Saudi stock market, developing a mixed-use project beside the Grand Mosque with hospitality towers, residential units and commercial centres under international hotel brands.Taiba Investments · 14 Sep 2026
Taiba Investments describes itself as a hospitality company with more than five decades in hospitality and real estate, operating the Sheraton Hotel Al Madinah of around 435 rooms and suites and preparing the Waldorf Astoria Al Madinah of around 300 rooms beside the Prophet’s Mosque.Makkah Construction and Development Company · 14 Sep 2026
Makkah Construction and Development Company says it owns and manages an asset a few steps from the Grand Mosque: a hotel of more than 1,400 rooms and suites with a commercial centre of more than 17,000 square metres.Argaam — Umm Al Qura debuts on TASI · 24 Mar 2025
Umm Al Qura for Development and Construction, the developer of Masar in Makkah, listed on the Saudi Exchange main market on 24 March 2025 under symbol 4325 at SAR 15 a share, after an IPO of 130,786,142 new shares approved by the CMA.Knowledge Economic City press release — KEC continues the sales of Al-Alyaa residential project · 30 Sep 2025
KEC's press release of 30 September 2025 describes Al-Alya as around 2,000 residential units of contemporary apartments, serviced apartments and 70 villas, plus a Hyatt Centric hotel with 144 rooms and 480 Hyatt House serviced apartments, 10 minutes from the Prophet's Mosque.Jadwa — REIT Al Haramain · 9 Sep 2026
Jadwa REIT Al Haramain (Tadawul 4332) holds Makkah hotel assets and is a listed route to exposure to Makkah real estate.Jadwa — REIT Al Haramain · 10 Sep 2026
Jadwa REIT Al Haramain is a closed-end Shariah-compliant traded REIT focused on Makkah and Madinah whose assets include the Tharawat Al-Taqwa hotel (acquired 2017 for SAR 250 million), Tharawat Al-Andaloseya hotel (2017, SAR 379 million) and the Tharawat Wadi Ibrahim hotel redevelopment (2020, SAR 160 million), all in Makkah.Jadwa REIT Saudi Fund · 14 Sep 2026
Jadwa REIT Saudi Fund invests in major Saudi cities excluding Makkah and Madinah, so it is not a route to holy-city property; Jadwa REIT Al Haramain is the fund of the two that holds assets there.Reported by Argaam
Argaam · 27 Jan 2025
Argaam reported on 27 January 2025 that the four listed developers opened to foreign ownership by the CMA decision are Jabal Omar Development (4250), Taiba Investments (4090), Makkah Construction and Development (4100) and Knowledge Economic City (4310).
Where each fact above comes from, with the source’s own date where it gives one.
Information, not financial advice. Nothing here is a recommendation to buy or sell a share or a fund unit, and we publish no yields or price views of our own. A licensed adviser or your broker is the right person for that.