Investments in Madinah likely to reach SR500bn

MADINAH: Economists expected the volume of investments in Madinah’s economies during the coming few years to reach SR500 billion.
The forecasted growth in the population, to reach 2.6 million people after 25 years, and the number of visitors to 12.2 million persons a year, will demand extreme measures, including the establishment of an integrated economic observatory for all activities to be implemented, and an economic plan for the whole area to accelerate the speed of investments and to attract more investors.
Yousuf Al-Maimani, a member of the Shoura Council and the Investment Council of Madinah, said the area here is the most diversified in terms of attractive investment channels and its religious position compared to other areas of the Kingdom. It embraces the Prophet’s Mosque and other initiatives launched by Madinah Gov. Prince Faisal bin Salman, which will make the economic and investment climate further alluring and attractive.
“The area promises many achievements such the expansion of the Prophet’s Mosque and the development of real estate in the surrounding sites, which in turn will open job opportunities for citizens. In addition, the transport project, along with the development of historic districts, the expansion of Qabaa Mosque and the surrounding centers will make a quantum leap in the city and province at large,” said Al-Maimani.
He pointed out that the Namaa Al-Munawara project has had a positive impact on supporting and bolstering entrepreneurial young Saudis with the cooperation and partnership of the Saudi Credit and Savings Bank which has extended loans to young Saudi businessmen worth SR700 million.
Mohammad Faraj Khatrawi, chairman of the Madinah Chamber of Commerce and member of the investment council, expected a large developmental leap in the area in view of the attention and care it receives from Custodian of the Two Holy Mosques King Salman.
Khatrawi said the Kingdom announced in 2006 its wish to establish an economic city in the northeastern part of Madianh. “Land was allocated for this purpose and large amounts of funds were invested in constructing the infrastructure for Madinah and the real estate development projects,” he added.
Abdullah Al-Yusuf, deputy chairman of Madinah Chamber of Commerce and Industry, said the city is set to attract investment funds during the coming years. “The area now is in the process of transforming its investment environment and pushing it forward under the follow-up and supervision of its governor, Prince Faisal bin Salman,” he added.
Majd Mohamadi, a member of the Chamber of Commerce and Industry in Medinah said that the Madinah Economic and the Mining Opportunities forums recently organized by the chamber, in addition to the many economic forums held, all work together to keep up with important current and future economic stages, and their joint efforts have put in place a roadmap for investments in the region.