Institutional capital
for the world’s most
resilient property market.
Holy Cities Capital invests in high quality income-generating assets and development projects in Makkah and Madinah, providing Muslim institutions and HNWIs with access to the world’s most resilient and in-demand property markets.
Makkah and Madinah exclusively.
Compliant fund structure throughout.
Muslim institutions and HNWIs.
MANDATE
Income generating hospitality, residential and retail assets inside the Haram walking radius.
STRUCTURE
Shariah-compliant vehicles, co-invested with institutions and family offices.
HORIZON
Held for income and generational value, not for a five-year exit.
A single market, held with conviction.
We do not diversify across geographies. Every Riyal Holy Cities Capital deploys sits within a short walk of the Haram in Makkah or the Prophet’s Mosque in Madinah, where visitor numbers are governed by ritual obligation and national capacity targets rather than discretionary travel.
Read the visionGross development value under management
Keys operating or
in delivery
Target unlevered yield
on operating hotels
Assets across the
two cities
Defining the pilgrimage economy as an asset class.
Five commitments that shape where Holy Cities Capital puts its capital, and who it brings with it.
Build the largest institutional real estate platform in Makkah and Madinah.
Become the gateway for global capital into the holy cities.
Scale into a multi-billion dollar Shariah-compliant real estate fund.
Mobilise institutional capital across the Muslim world — Malaysia, Indonesia, Turkey, India and Pakistan — and HNWI capital from the UK and US.
Define and institutionalise the pilgrimage economy as a global real estate asset class.
Three portfolios, one radius
Hospitality
Operating hotel and serviced-residence assets within walking distance of the Haram, run under international management agreements.
Development
Mixed-use districts delivered whole—residential, retail and hospitality on a single masterplan.
Income
Stabilised, leased assets held for quarterly distribution rather than repositioning.
Makkah
Thirty million pilgrims a year by 2030, arriving on a calendar no market cycle can move. Rooms inside the central area are constrained by land, not by appetite.
Target annual pilgrims
Nearest asset to the Haram
Madinah
A longer average stay, a calmer seasonal curve and a masterplan that keeps opening new frontage around the Prophet’s Mosque.
Average length of stay
By Haramain rail from Makkah
The pipeline through 2030
Commitments under construction or in design, sequenced against Vision 2030 capacity targets for pilgrim arrivals.
Ajyad hotel, Makkah
340 keys, ground broken, operator appointed.
Madinah residences
180 serviced apartments on the eastern approach.
Central retail podium
14,000 sqm of frontage beneath two operating towers.
Second Makkah vehicle
Full deployment of the SAR 1.8bn commitment.
Exposure to the holy cities, without building the team
We co-invest with institutions, family offices and operators who want a position in Makkah and Madinah but not the cost of originating it. Holy Cities Capital underwrites, secures the land, appoints the operator and reports quarterly under a Shariah-compliant structure.
Land assembled and title cleared before capital is called.
International operators appointed on long-term agreements.
Quarterly NAV, occupancy and distribution reporting.
Speak to the
investment team
For investor enquiries, partnership discussions or more information about our strategy, please get in touch.