RCM26Day 2 · 6 October 2026 · Panel
The Holy Cities Opportunity: A New Generation of Retail for Visitors and Residents
Three takeaways
- 01Mohammad Iqbal Alawi said opening Makkah and Madinah property to foreign ownership drew sovereign fund deals within two months, with Hajj and Umrah visitors near 20 million this year and an estimated 30 million by 2030.
- 02Konrad Kolankiewicz said average stays in Madinah have risen from four to seven days in two years. His company's flagship mall chose an Islamic museum of over 5,000 square metres rather than a cinema, anchored by social dining.
- 03For brands: do not underestimate the market. Konrad Kolankiewicz said some of the best jewellery and luxury sales come from the two cities, and Mohammad Iqbal Alawi urged retailers to create limited collections for Makkah and Madinah.
About the session
Makkah and Madinah welcome millions of visitors every year from across the Kingdom and around the world, and new districts, transport links and hospitality are opening fresh retail possibilities in both cities. Developers and investors shaping that transformation share the demand they see, the formats that serve visitors and residents together, and the opportunities for brands ready to enter or expand.
“It's like a souvenir that they will cherish for the rest of their life.”
From the room
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