Saudi Arabia Report

"I believe that in some areas there is a potential for growth – Mecca, for example, or Medina, because the government is trying to make huge expansions for both Holy Mosques. The thing is that for those people who invest in Mecca, they cannot just go to invest in other places," says Abdullah Saud Al-Rashoud, CEO of Blominvest Saudi Arabia.

"They have to go and reinvest in Mecca and they cannot find good property to buy. There is a huge amount of liquidity that competes for a low number of properties. I expect to have more growth. I think the growth will continue but with less sharpness. It will not be like what happened in the previous years especially in the main cities like Riyadh or Jeddah."