The economic sector in Medina is witnessing development projects according to the economic report issued by Medina Chamber for the first quarter of 2025.
The economic sector in Medina is witnessing Madinah Chamber for the first quarter of 2025. 213 development projects are currently being implemented with a total value of more than 210 billion riyals, including 188 private sector projects and 15 government projects, while the area of investment lands for these projects exceeds 15 million square meters, with expectations of providing more than 119 thousand future job opportunities in these projects, according to the economic report issued by the Medina Chamber.
The report showed that the local output reached 57.6 billion riyals in the third quarter of 2024, achieving a growth of 2.8% compared to the same quarter of the previous year, and the region recorded the second highest growth rate in local demand by 11% according to points of sale, after Riyadh, and reviewed the most prominent analytical data witnessed in the economic sector to support decision-making, investors and entrepreneurs, and attract investments to stimulate economic development in the Medina region.
The report also reviewed the most prominent analytical data witnessed by the economic sector to support decision-making, investors and entrepreneurs, and attract investments, to stimulate economic development in the Medina region.
The report highlighted the prosperity of the real estate market in the Medina region with a trading volume of 10 billion riyals during 2024, and the decrease in the unemployment rate in the region to 8.4% in the fourth quarter of 2024, compared to 10.3% in the third quarter of the same year, while the size of the labor force in the region increased to more than 458 thousand employees, with economic activity focused on the construction and construction, trade, and manufacturing sectors.
The report highlighted the analytical data witnessed by the economic sector to support decision-makers, investors, entrepreneurs, and attract investments to stimulate economic development in the Medina region. The report indicated that the commercial sector accounted for the largest share of the list of ongoing projects with 153 projects, followed by the commercial residential sector with 27 projects, then the health, education, tourism and religious sectors, respectively.
The head of the Madinah Chamber emphasized that the economic activity in the region is concentrated in the sectors of construction, trade and manufacturing. The report comes out of the Chamber's commitment to provide the necessary support to investors and provide the necessary data and statistics to make informed economic decisions, in addition to working to improve the investment and business environment in the region.
Mazen bin Ibrahim Rajab, President of the Medina Chamber, stressed that the report comes out of the Chamber's commitment to provide the necessary support to investors and provide the necessary data and statistics to make informed economic decisions. He added that the comparative and competitive advantages enjoyed by the Medina region and the available investment opportunities make it a promising environment for growth and prosperity, within the system and programs of the Kingdom's Vision 2030.
