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makkah expansion project 2030

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Eight, three-month Libor is 0.52 basis points yet three-month Sibor, the funding benchmark for Saudi banks, is 214 basis points.

One, the Saudi Council for Economic and Development Affairs projects religious pilgrims will rise from eight million in 2016 to 20 million in 2020 and 30 million in 2030. Vision 2030 Relevance: Helps to facilitate the Vision 2030 aim to 'increase our capacity to welcome Umrah visitors from 8 million to 30 million every year' as well as improving transport links for saudi citizens and therefore their qualities of life. Vision 2030 Relevance: Ties in with Vision 2030's aim of increasing capacity for Umrah visitors as well as setting Saudi Arabia up as a centre of tourism and commerce. Once the project has been completed, the Al Haram Mosque area would have expanded by two-thirds to reach an estimated area of 1.5 million square meters. READ MORE, 11.11 sale: Cebu Pacific offers Dubai-Manila flights for as low as Dh1 base fare, Bahrain prime minister Prince Khalifa bin Salman passes away, Etihad Airways launches 49-hour UAE National Day sale, Coronavirus: UAE reports 1,214 Covid-19 cases, 741 recoveries, 2 deaths, Etihad likely to lay off 1,000 employees this week, Dh1m payout for man in UAE left impotent, disabled in boat crash, 21-year-old Indian student dies by suicide in Sharjah, Indian couple drowns during pre-wedding photoshoot, Time to remit: Pakistani rupee likely to strengthen in coming months, Coronavirus: Bahrain to be among first countries to receive vaccine: Report, What's brewing in news? macro_adspot: ©2020 Galadari Printing and Publishing LLC. macro_profile: , macro_action: article, As long as an investor has access to a 20-year lease with no inflation clause, the financial metrics of Makkah hotel ownership dwarf anything else in the GCC hospitality market. Project Summary:  Once complete the integrated transport network will include four metro lines covering 180kms and serving 88 stations. The Makkah Intercontinental hotel is the single most profitable hotel in the world. The crash in crude oil prices, 85 per cent of government revenues and the 14 per cent budget deficit makes job creation for locals the preeminent strategic economic priority for the senior princes of the House of Saud. This asset class is a no-brainer. The development also includes housing. Why? Join our morning chat, News in a Minute: Top headlines of the day you shouldn't miss. All rights reserved. This includes the expansion of the Grand Mosque perimeter to accommodate 2.2 million pilgrims, the expansion of Jeddah's King Abdulaziz Airport to handle 30 million passengers, and the opening of the Haramain high-speed train linking the Makkah and the holy city of Madinah with Jeddah. The recent Saudi Vision 2030 strategy inaugurates most extensive economic transformation of Saudi Arabia since the post-October 1973 petrodollar bonanza that turned the kingdom into the financial superpower of the Arab world. Two, Makkah is unquestionably the most profitable hotel market in the world, let alone the GCC or the Arab world. While Wall Street is obsessed with the potential IPO of Saudi Aramco and the privatisation windfall on the Tadawul index, Vision 2030 and the new royal decree that created the Ministry of Haj and Umrah vindicates my recommended investment strategy on investing in four-star hotels in the holy city of Makkah with a vengeance. Saudi Arabia is planning a $100 billion expansion project in Mecca, to allow 30 million pilgrims to perform Hajj, at the same time, by the year 2030. Top Graduate & Post-Graduate Programmes in the UAE. This is a hospitality demand curve that is unique in the history of the Middle East. It said the new project in Makkah is expected to contribute SR8 billion ($2.1 billion) to the national economy, adding that construction is expected to commence later this year, paving the way to increase the city’s ability to host 30 million pilgrims annually in line with the government policy of lifting the quota on Hajj pilgrims. Central Services Station at Al Haram Mosque.5.

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