Medina Chamber during its participation in the Umrah and Visit Forum reviewed the growth of the hospitality and tourism accommodation sector in the region in light of the annual increase in the number of visitors and tourists coming to Medina.
Mazen Rajab, Chairman of the Chamber, revealed on the closing day of the forum yesterday, the promising investment opportunities in The hospitality sector in Medina, amid the integration of efforts between government agencies and the private sector to achieve greater results in the tourism accommodation and hospitality sector, in accordance with the targets of the Kingdom's Vision 2030.
Rajab pointed out during the session that the need for (79) thousand additional hotel rooms in Medina by 2030, accompanied by the construction of pioneering projects to support the hotel and residential sector in Medina, most notably the “City Visions” project, which is being built on an area of (1. 5) million square meters in the central area.The project is a pioneering model for the development of smart cities that support the hospitality sector and the humanization of cities, in addition to urban planning projects for smart cities that are among the most prominent investment incentives for the hospitality sector.
The Chairman of the Medina Chamber pointed out that the positive role of real estate investment funds by building (90) thousand housing units in Medina is a major supporter of efforts to accelerate meeting the needs of the region from major hotel projects and real estate development, pointing out that the decision for non-Saudis to own property within the geographical scope of Makkah and Madinah will create a qualitative shift in attracting foreign investments and accelerating the growth of the real estate development sector.
The Medina Chamber's participation in the forum focused on efforts to strengthen partnerships and attract local and international investors to benefit from the unique components of Medina, a global religious and tourist destination.
Mazen Rajab, Chairman of the Chamber, revealed on the closing day of the forum yesterday, the promising investment opportunities in The hospitality sector in Medina, amid the integration of efforts between government agencies and the private sector to achieve greater results in the tourism accommodation and hospitality sector, in accordance with the targets of the Kingdom's Vision 2030.
Rajab pointed out during the session that the need for (79) thousand additional hotel rooms in Medina by 2030, accompanied by the construction of pioneering projects to support the hotel and residential sector in Medina, most notably the “City Visions” project, which is being built on an area of (1. 5) million square meters in the central area.The project is a pioneering model for the development of smart cities that support the hospitality sector and the humanization of cities, in addition to urban planning projects for smart cities that are among the most prominent investment incentives for the hospitality sector.
The Chairman of the Medina Chamber pointed out that the positive role of real estate investment funds by building (90) thousand housing units in Medina is a major supporter of efforts to accelerate meeting the needs of the region from major hotel projects and real estate development, pointing out that the decision for non-Saudis to own property within the geographical scope of Makkah and Madinah will create a qualitative shift in attracting foreign investments and accelerating the growth of the real estate development sector.
The Medina Chamber's participation in the forum focused on efforts to strengthen partnerships and attract local and international investors to benefit from the unique components of Medina, a global religious and tourist destination.
The Medina Chamber's participation in the forum focused on strengthening partnerships and attracting local and international investors to benefit from the unique components of Medina, a global religious and tourist destination.
