“This is a good step due to its contribution to the Saudi renaissance,” he said while addressing the second edition of the Municipal Investment Forum (FURAS) here on Wednesday.

Kamel noted that in the past foreign companies were in the leading role in developing the private sector, and local companies started proving their existence.

“There was some laxity on the part of government agencies at one point, and therefore government agencies resumed racing with the private sector for advancement, which is reflected positively in all sectors,” he said.

He commended the statement of the Minister of Investment about the move to allow foreigners to own real estate in Saudi Arabia.

“This decision will be considered as a comprehensive change for investment in general and in the real estate sector in particular in the Kingdom,” he said.

Kamel said that a lot of legislation and laws have been put in place to attract investments in Saudi cities.

“We, in the Makkah Chamber, are strongly looking forward to investing in the city of Makkah, and in terms of the cities’ economies, cities always create an advantage to accelerate economic activities, and Makkah has a unique natural advantage for thousands of years.

“Performing one prayer at the Grand Mosque in Makkah is equivalent to 100,000 prayers in other mosques, and for this reason, Makkah has exceptional important advantages,” he pointed out.

The chamber chief called on investors to consider investment opportunities in Makkah, and make it an attractive place for investment, taking into account of many competitive advantages of the holy city.

He highlighted the investment opportunities in Makkah during the next five or ten years.