Saudi Arabia's Makkah Region Steps Up Development Plans With Investment Opportunities Worth Over US$280 Million
JEDDAH, Saudi Arabia, May 17, 2018 /PRNewswire/ --
Saudi Arabia's Makkah Province is fast becoming one of the most attractive investment destinations in the Kingdom with major project rollouts under way. The latest plan features eight major projects worth over SAR 1 billion (US$ 283 million)[1], which were launched during the recent Makkah Economic Forum in Jeddah.
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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.
Prominent among these is a historical sites development project involving an investment of SAR 425 million (US$ 113 million) to renovate four historical sites of great significance to the cities of Makkah and Madinah - 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 costing more than SAR 175 million (US$ 46.6 million) to promote products made in Makkah and Madinah.
An investment opportunity worth SAR 130 million (US$ 34.6 million) at the Makkah Gate Development Project involves building and operating the project as well as the parking area and commercial buildings.
A Food Factory for Pilgrims Project requires SAR 90 million (US$ 24 million) in investment to build and operate the factory, which will provide high-quality food to pilgrims at affordable prices. Besides, a waste management factory involving SAR 80 million (about US$ 21.3 million) will be set up to handle waste generated from sacrificial meat and utilise it to create fertilizers.
The Downtown Terminal Project, which costs SAR 85 million (US$ 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.
The Qarn Al-Manazel Development Project, involving an investment of SAR 50 million (US$ 13.3 million), aims to renovate the areas near Qarn Al-Manazil Miqat, where shopping areas and washing facilities will be built. Another project, worth SAR 26 million (US$ 7 million), will provide high quality support services to the physically-challenged and the elderly during the Hajj and Umrah seasons.
[1] Converted @ 1 US$ = 3.75 SAR
SOURCE Makkah Economic Forum
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