Shutterstock/HansMusaby Kudakwashe Muzoriwa
Saudi Umm Alqura Company for Development and Construction (UAQ) and Alinma Investment, a unit of Alinma Bank has launched a SAR 17 billion ($4.53 billion) Makkah Real Estate Development Fund focused on properties in Mecca, reported Reuters.
Mazin bin Fawaz Baghdadi, the acting Chief Executive of Alinma Investment said that the partnership will help increase the capacity to accommodate pilgrims as well as visitors and boost urban development projects in the region.
The pilgrimage is the backbone of a plan to expand tourism and diversify the Kingdom’s economy away from reliance on hydrocarbons. The haj and the umrah, the year-round lesser pilgrimage, generate billions of dollars in revenues from worshippers’ lodging, transport as well as fees and gifts.