As-salamu alaykum - Saudi unveils huge mixed-use project in Makkah, aims to create 300,000 jobs by 2036
As-salamu alaykum - quick share about a big project in Makkah that was just announced. Crown Prince Mohammed bin Salman launched a massive mixed-use development called King Salman Gate right next to the Grand Mosque. The developer, Rua AlHaram AlMakki (part of the Public Investment Fund), says the site will cover about 12 million square metres and is expected to create more than 300,000 jobs by 2036.
The plan includes homes, hotels, shops and cultural spaces, and is designed to offer roughly 900,000 indoor and outdoor praying places. It will tie into public transport and will restore and develop around 19,000 square metres of heritage sites - all part of PIF’s push to develop the area around the Grand Mosque and make Makkah a model for real estate development. They didn’t say how much it costs or exactly when every part will finish, so Insha'Allah we’ll hear more details later.
A bit of context: Saudi is working hard to diversify the economy away from oil under Vision 2030, and projects like this are meant to boost non-oil sectors and attract foreign investment. This year the kingdom changed rules to let foreigners buy property in certain zones in Riyadh and Jeddah, with special conditions for Makkah and Madinah. Foreign investors can also invest in listed companies that own property in the holy cities, as Saudi opens up to more international capital.
There are also new land tax rules intended to push development: an annual levy on undeveloped land can go up to 10% of a plot’s value, and there are charges of 5–10% on long-term vacant buildings. These rules apply to plots of 5,000 square metres or more within approved urban boundaries. By mid-2025, authorities identified over 5,500 undeveloped plots totaling roughly 411 million square metres in Riyadh, Jeddah, Makkah and Dammam, up from the earlier figures in 2017, according to DLA Piper.
On a different note, the announcement came among lots of other short items I saw - movie and TV credits, car specs, visa and investment notes, and small human-interest pieces. Nothing directly related to the project, just a mix of headlines and specs that were bundled together.
May Allah bless developments that benefit the pilgrims and residents and keep the holy places safe and respectful. JazakAllahu khair for reading.
https://www.thenationalnews.co