Categorized | International

Makkah’s Booming Real Estate Industry

Makkah’s Booming Real Estate Industry
Please Share!

Statistics show that the massive arrival of Muslims for the duration of Umrah and Haj causes the rapid rise in the construction of hotels. Makkah has felt the presence of investors and businessmen whose purpose is to make investments in the real estate industry.

Latest reports of Makah influx of visitors has recorded 2.5 million visitors every year who carry out the Haj. These tourists observed the development of Makkah with the presence of newly built high rise buildings and luxury hotels within the city. Jabal Omar Company has a recorded budget of more than $5.5 billion for the construction of the high rise buildings near the Haram. In line with this, with the growing needs for hotel accommodations of the rising number of visitors each year, there were plans from Hilton and other hotel companies of building more hotels  which will add up to the city’s present hotel accommodations.

The three day forum of Makkah International Urban and Infrastructure Development Event that was held at Jeddah Centre for Forum and Events was about the increasing rise in the tourism industry of Makkah naming the event “Future Makkah”. Here they discussed the future’s challenges and opportunities concerning the development and modernization plans of tourism, health and equipment services and the need for modernization of transport facilities.

The planned expansion for Makkah is costing the government and some development companies around $120 billion in the next 10 years. The $20 billion part of these projects is now on its way in Makkah. This has created a stir among the different industries that has foresight for vast opportunities in the area.

Please Share!

About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

Leave a Reply

Twitter Chat