Riyadh – Mubasher: Alkhabeer Capital said on Tuesday in an analytical study that Makkah will witness a flourishing hotel sector within the coming years, in conjunction with finishing Jabal Omar Development Project, which will add 10,000 more hotel room.
The increase in visitors’ numbers, recovery of the local economy, and the growth of wealthy pilgrims segment will all help to raise occupancy rates and revenues in the sector, which means more influx of hotel investments, the report added.
Four districts have unique advantages to attract investors; As-Sulimaniyah, Al-Jummayzah, Al-Aziziyah, and Ar-Rusayfah, the study revealed.
Moreover, the report indicated that the underdeveloped retail sector in Makkah will also be a promising investment opportunity, with few shopping malls in the city.
The new shopping mall development projects will create an additional space to revive the sector, which witnessed 8% increase in the visitors’ spending over the past decade, the report continued.
Alkhabeer Capital recommended implementing human resources development programs, as well as simplifying the visas procedures, redistributing the visitors all over the year, and creating a suitable environment that would accommodate the increase over the coming years.
After including the spiritual tourism sector in the Kingdom Vision 2030, the potential projects will lead a comprehensive transformation in Makkah in the next decade, CEO of Alkhabeer Capital Ahmed Saud Ghaowth said.
