Hijra Capital is One Thousand Stories' investment platform. We are raising capital across a series of Madinah opportunities as the world's fastest-growing pilgrimage economy opens to foreign capital for the first time. The first fund is live now.
Five structural drivers converging simultaneously: religious, demographic, regulatory, sovereign, and cultural. No other real estate market offers this combination.
For every Muslim, Madinah holds a singular significance. The Prophet's Mosque is not a tourist attraction - it is a destination of faith that transcends economic cycles. Visiting Madinah is a lifelong aspiration for nearly a quarter of humanity. For Muslim investors specifically, participating in the development of this city carries a meaning that no financial return alone can replicate. This is an opportunity to build something permanent in a place that matters.
Over SR 200 billion in government-backed development is active in the Madinah region. This is not speculative. Parsons, Hilton, IHG, and Jacobs are already on site. The state's commitment de-risks private investment in a way that is rare globally: demand growth to 30 million annual visitors is an official government target, not a forecast.
The January 2026 law is the single most significant opening of Saudi real estate in history. Institutional investors who establish positions before full market awareness, and before asset prices reflect the new demand, gain the strongest long-term positioning. Early movers in equivalent regulatory openings (UAE freehold in 2002, Saudi Aramco's IPO) captured disproportionate returns.
Saudi Arabia hosting the 2034 FIFA World Cup is not a peripheral event. It is a national infrastructure mandate. Stadium upgrades, training facilities, hospitality, and transport are receiving sovereign-backed capital across the Kingdom. Madinah sits within this investment corridor and will benefit from the infrastructure spend and global attention the tournament brings.
Saudi Arabia applies no personal income tax. Rental income generated through the fund incurs no personal tax liability in the Kingdom. The SAR is pegged to the USD, eliminating currency risk for dollar-denominated investors. A 5% Real Estate Transaction Tax applies at disposal, the incidence of which is negotiable between parties.
Royal Decree No. M/14, enacted 22 January 2026, is the most significant liberalisation of Saudi real estate ownership in modern history. For the first time, the framework is rules-based, geography-led, and transparent.
The new Law of Real Estate Ownership and Investment by Non-Saudis replaced the fragmented, case-by-case system that had governed foreign property rights since 2000. The Real Estate General Authority (REGA) is now the single competent authority for all foreign ownership matters.
Madinah occupies a unique position under the new framework: direct individual ownership by foreigners remains restricted given the city's sacred status, but the law simultaneously opened the widest possible route for institutional capital through CMA-licensed investment funds and listed companies to participate in the city's development.
Separately, on 1 February 2026, the Capital Market Authority eliminated the Qualified Foreign Investor (QFI) regime entirely, opening the Saudi capital market to all categories of international investors for direct participation in listed securities.
Under the CMA Controls issued alongside Royal Decree M/14, investment funds (private and public), listed companies, and special-purpose entities may own real estate across the Kingdom, including in Madinah, subject to CMA oversight. This is the primary vehicle for international investors.
Open to Global InvestorsNon-Saudi Muslim individuals who legally reside in the Kingdom may own one residential property in Madinah under regulations issued by REGA. This is a historic personal ownership right that did not exist before 2026.
Muslims - ResidentialNon-listed companies established under Saudi company law with foreign shareholders may acquire property within REGA-approved geographic zones in Madinah, and for business operations or staff housing. Requires prior registration with the Ministry of Investment.
Corporate Structure RouteA REGA disposal fee of up to 5% of property value applies to foreign transactions. The 5% Real Estate Transaction Tax may apply at point of sale, with incidence (buyer or seller) negotiable. All transfers must be registered via Saudi Arabia's Najiz digital platform. No annual property tax on completed assets.
Key Cost ConsiderationsMadinah's development pipeline spans hospitality, residential, commercial, and sports. The following represents the broader opportunity landscape - a reference for investors mapping the city's growth. Hijra Capital's active funds are listed separately below.
Beit Al Madinah sits 8.5km north of Al-Masjid an-Nabawi. The route from central Madinah passes the mosque of Sayyid ush Shuhada, the Martyrs of Uhud cemetery, and Mount Uhud before arriving at the property. The site encompasses an existing palace on 1.6 hectares, with views toward the holy mountain.
The property will accommodate 60 to 80 guest rooms, targeting KSA Superior hotel standard - the highest classification under the Saudi Ministry of Tourism. Planned facilities include a longevity centre, ladies spa and wellness, gentlemen's gym and health, all-day dining, signature restaurant, and prayer and contemplation space.
This is not a REIT, a derivative, or a promissory note. Each token is a Sukuk Al-Intifa' membership unit in a Saudi-incorporated SPE holding registered title to Story One - anchored directly to the KSA National Real Estate Registry blockchain. Investors hold a proportional In Rem beneficial interest in one of the world's most spiritually significant properties.
Minutes from Al-Masjid an-Nabawi with direct sightlines to Mount Uhud. No amount of capital can manufacture proximity to the Haram. Madinah has fewer than 2,000 five-star keys today against a visitor base of 15 million annually - heading to 30 million by 2030.
Each token's smart contract embeds the RER digital deed identifier at issuance - an immutable, government-ledger anchor that eliminates the 'tokenizing air' risk common to offshore real estate tokenization. Title lives on the Saudi National Real Estate Registry blockchain.
No debt in the base structure. Distributions follow Mudarabah profit-sharing. AAOIFI Standard 17 certification pre-launch. Annual Shariah audit by an independent Supervisory Board of three scholars minimum. Zakat paid annually at 2.5% on net fund assets.
Tokens target listing on a CMA-licensed Saudi digital asset exchange from Year 2, providing continuous price discovery and secondary liquidity. Quarterly distributions are executed automatically via smart contract - no wire delays, no intermediaries, denominated in USDC.
One Thousand Stories deploys $6M GP Seed Capital ahead of the public STO to acquire the asset and prove cash yield before token investors commit. The STO opens on a de-risked, income-producing foundation - not a blank-page promise.
All 3,200 token holders receive a 10-year membership entitling them to one week per year at Beit Al Madinah. To stay at the property you helped build, in the city of the Prophet, is not a perk - it is the point.
10% of Beit Al Madinah profits are directed toward the Waqf funding the Rawda. 10% of every OTS project goes toward a philanthropic purpose in Madinah. This is capital with a conscience - structured so that the city benefits from the development it enables.
Financial projections, per-token economics, and full legal documentation are contained in the Information Memorandum, available to qualified investors upon registration. This section does not constitute an offer of securities.
A clear pathway from initial enquiry to capital deployment. The exact terms, minimum subscriptions, and fund structure will be confirmed in the Information Memorandum.
Submit your investor profile and indicative quantum via our registration form. Our team will respond within 48 hours with next steps and preliminary information about the fund.
Qualified investors receive the full Information Memorandum, which sets out the fund's legal structure, investment strategy, fee arrangements, governance, and regulatory approvals. Independent legal and financial advice is strongly recommended before proceeding.
Investors complete standard KYC/AML verification and execute the subscription agreement. Requirements follow Saudi CMA regulations and applicable law in the investor's home jurisdiction.
Capital is deployed into the fund's project pipeline under oversight of the Investment Committee. Investors receive regular reporting on NAV, project progress, and distributions. Reporting cadence and format confirmed in the IM.
Beit Al Madinah is designed for global investors. We are expanding the ways you can subscribe.
Bank wire and SWIFT transfer accepted. Details provided in the subscription documentation upon completion of KYC. SAR and USD accepted.
Direct card subscription for qualifying investors. Powered by a CMA-compliant payment gateway. Available at STO launch.
USDC and other CMA-approved stablecoins accepted for token subscription. Distributions will also be payable in USDC via smart contract once live.
Subscriptions accepted via CMA-licensed broker-dealers and authorised placement agents. Contact us to discuss institutional onboarding.
Hijra Capital is One Thousand Stories' investment platform. Each fund has its own vehicle. Fund I - Beit Al Madinah - uses a Saudi-incorporated SPE and Security Token Offering structure. The following reflects the Fund I structure. Final legal documentation and regulatory approvals are set out in the Information Memorandum.
One Thousand Stories KSA SPE Co., a Saudi closed joint-stock company, holds registered title to Story One in the National Real Estate Registry. Investors hold Sukuk Al-Intifa' membership units (security tokens) in the SPE, not direct property title. The SPE is the lawful fund-level owner under the 2026 CMA Controls.
Fund I is designed for the global Muslim diaspora HNWI, GCC family offices and Islamic banks, Hajj and Umrah industry principals, longevity and wellness investors, and Islamic REITs and Waqf funds. The $30,000 token entry point is calibrated for the micro-institutional investor - democratising access to an asset class historically reserved for sovereign wealth and UHNW families.
The Saudi Riyal has been pegged to the USD at a fixed rate since 1986, providing effective currency stability for dollar-denominated investors. Quarterly distributions are executed automatically via smart contract directly to registered investor wallets, with no wire delays or intermediary friction. Denominated in USDC or Saudi Riyal digital currency once Project Aber reaches commercial phase.
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Our team will review your registration and reach out to arrange a confidential conversation. We will share preliminary information relevant to your stated interests and answer any initial questions before any documentation is exchanged.
All enquiries are treated with strict confidentiality. Your details will not be shared with any third party without your written consent. A mutual NDA is available on request prior to any detailed materials being shared.
Important Notice: This website is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities or fund units. Nothing here constitutes investment, legal, or tax advice. Investment involves risk, including possible loss of principal. The fund described is in formation; regulatory approvals, final terms, and structure are subject to change. Prospective investors should conduct their own due diligence and seek independent professional advice before making any investment decision.