Saudi Arabia has unveiled significant opportunities for Nigerians to invest in property within the holy city of Makkah, coinciding with the launch of the ambitious King Salman Gate project, a flagship initiative under Vision 2030 designed to revolutionize urban development and attract global capital to the region.
Announced by Crown Prince Mohammed bin Salman on October 15, the King Salman Gate spans 12 million square meters adjacent to the Grand Mosque (Al-Masjid al-Haram), positioning Makkah as a benchmark for sustainable real estate and infrastructure.
Developed by RUA AlHaram AlMakki Company, a subsidiary of the kingdom's Public Investment Fund (PIF), the mixed-use development will integrate residential, cultural, commercial, and service facilities, including prayer areas accommodating up to 900,000 worshippers.
The project emphasizes blending Makkah's architectural heritage with modern design, including the restoration of 19,000 square meters of historic sites to preserve the city's spiritual and cultural legacy.
This development aligns with a newly approved Saudi law, effective next year, allowing foreign nationals, including Nigerians to own property across the kingdom, with tailored regulations for sensitive areas like Makkah and Madinah to safeguard religious significance.
Officials highlighted the move as a strategic step to diversify the economy and support the influx of pilgrims, projected to reach 30 million annually by 2030.
The initiative is expected to generate over 300,000 jobs by 2036, bolstering local employment and tourism under the Pilgrim Experience Program.
The announcement has sparked excitement in Nigeria, where social media buzzed with reports framing it as a direct invitation for Nigerian investors to participate in Makkah's transformation.
Nigerian pilgrims and diaspora communities, who form one of the largest groups attending the annual Hajj, view the policy as a chance to secure long-term assets in the holy city.
"This is a historic opportunity for Nigerians to invest in our spiritual homeland," said a Lagos-based real estate consultant, noting the potential for high returns amid rising global demand for Makkah properties.
Saudi officials, including PIF representatives, emphasized sustainable practices in the project, with seamless public transport links and eco-friendly infrastructure to enhance pilgrim access.
While specific investment channels for Nigerians, such as through the PIF portal or designated real estate firms remain under finalization, early interest has surged, with Vision 2030's giga-projects already awarding $196 billion in contracts this year, a 20% increase from 2024.
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