Friday, May 18, 2018
It is boom time for Saudi Arabia 's Makkah Province which is fast becoming one of the most attractive investment destinations in the kingdom with major project roll-outs under way, said experts at a key investment summit held recently in Jeddah.
The latest plan features eight major projects worth over SR1 billion ($283 million), which were launched during the recent Makkah Economic Forum in Jeddah.
The projects are designed to encourage local and international business investments in the region's development projects in line with Saudi Vision 2030, a comprehensive roadmap to a brighter future based on the aspirations of the people of the country, stated the experts.
Prominent among these is a historical sites development project involving an investment of SR425 million ($113 million) to renovate four historical sites of great significance to the cities of Makkah and Madinah, namely Jabal Al Noor, Jabal Thor, Jabal Al Romat and Arwah Ibn Al Zubair Palace.
The project includes development of museums, gift shops, transportation services, restaurants, restrooms, tourism offices and shopping centres.
Another major project is the development of a specialised mall to be built at an investment of more than SR175 million ($46.6 million) to promote products made in Makkah and Madinah, said the industry experts.
According to them, another big funding opportunity worth SR130 million ($34.6 million) was available for the investors at the Makkah Gate Development Project that involves building and operating the project as well as the parking area and commercial buildings.
A food factory for Pilgrims Project requires SR90 million ($24 million) in investment to build and operate the factory, which will provide high-quality food to pilgrims at affordable prices, they stated.
Besides, a waste management factory involving SR80 million (about $21.3 million) will be set up to handle waste generated from sacrificial meat and utilise it to create fertilisers.
The Downtown Terminal Project, which costs SR85 million ($22.6 million), involves the construction of service buildings, facilities, storage depots and a shopping centre. The project is set to help reduce the pressure on local and international terminals and improve visitor experience, said the experts.
The Qarn Al Manazel Development Project, involving an investment of SR50 million ($13.3 million), aims to renovate the areas near Qarn Al Manazil Miqat, where shopping areas and washing facilities will be built, they stated.
Another project, worth SR26 million ($7 million), will provide high quality support services to the physically-challenged and the elderly during the Hajj and Umrah seasons, they added.