MBS’s $100 Billion Quest Opens Mecca Property to Global Money

The throngs of pilgrims walking through the ancient city of Mecca these days pass a promenade with cranes whirringon either side. Rows of old red-brick houses, winding alleys and courtyards have been bulldozed to make way for luxury towers springing up in a pathway that eventually leads to the Grand Mosque.

In a nearby office lined with leather-bound books on Mecca’s history, Yasser Abu Ateek struggles to keep up with a sudden influx of international investors as the holy city, among the world’s most sought-after property markets, opens up to foreign buyers.

The former banker helms Umm Al Qura for Development and Construction Co., a developer tasked ...