Investments in Saudi holy cities to gain ground

Published March 14th, 2001 - 02:00 GMT

Local Saudi businessmen estimate the invested funds in the holy cities of Mecca and Madinah will hit peak records in the upcoming years. According to local press reports, these Saudi entrepreneurs anticipate the private sector to invest an average of SR 1.5-2 billion annually in religious facilities in both cities over the next 6-9 years. These investments will most likely create 6,000 new job opportunities.  


In a related development, the UAE’s newspaper al-Bayan reported that the Muslim pilgrims who arrived to Saudi Arabia this month spent $4.5 billion. The spending included food, gifts and sheep for slaughtering purposes. — (Albawaba-MEBG)  


© 2001 Mena Report (

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