Plans To Make Makkah And Madinah Islamic Financial And Transform Into Business Centres


Plans To Make Makkah And Madinah Islamic Financial And Transform Into Business Centressource by: (SPA)

In the presence of Islamic leaders and other Saudi chambers, Makkah, Madinah, and the Islamic Chamber of Commerce, Industry, and Agriculture signed the Manafea agreement.

The agreement, which was signed by Saudi Minister of Commerce Majid Al-Qasabi, is meant to make Makkah and Madinah the financial and business centers of the Islamic world.

At the signing ceremony were Abdullah Salih Kamel, who is the chairman of the board of directors of the Makkah Chamber and also the chairman of the board of directors of the Islamic Chamber, and Munir Mohammed Nasser bin Saad, who is the chairman of the board of directors of the Madinah Chamber.

Al-Qasabi said he was happy with the three-way partnership, which includes nine plans for high-quality initiatives like the World Halal Forum and the World Entrepreneurs Forum in Makkah, as well as five meetings with business leaders from around the world.

“Saudi Vision 2030 is called “The Arab and Islamic Depth.” It is a pioneering investment force and an axis that connects three continents,” said Kamel.

“We were inspired by the vision to set up the Manafea partnership, which is a group of projects related to Makkah and Madinah, as follows: Using the sacred status of the Two Holy Cities on a global scale and turning them into a hub for business events and a platform for knowledge and creativity related to the Islamic world and practises,” he said.

“The nine plans in the programme don’t limit what we want to do. There are other commitments related to important studies and ambitious strategic projects, and we thought we needed to learn more about them before launching them. This includes the “Made in Makkah” study, which could be a global free zone, he said.

Also, it is important to set up a permanent show of the goods and services of the Islamic countries.

“These two initiatives have a global scope, which is in line with Vision 2030, and they work well with dozens of other initiatives that have to do with the Two Holy Mosques,” he said.

“Today, we are proud to be on the cusp of a new global stage, which this partnership represents as a real, diverse, and attractive platform that will help Makkah and Madinah make a qualitative shift in terms of their civilization, heritage, and urban areas,” he said.

Ismat Abdulkarim Maatouk, who is the Secretary-General of the Makkah Chamber, said that the forum is a place to increase the amount of trade between Islamic countries. It also aims to increase trade and investment between Islamic countries and boost the economy in the holy cities.

He also said, “The Saudi government has set up a lot of facilities and legal frameworks to make it a good place to invest.” The number of pilgrims going to Makkah will go up by 30 percent this year compared to last year, according to the data. A recent study by Makkah’s Chamber of Commerce says that the number of pilgrims is expected to reach 2.5 million, with 1.7 million coming from outside of Makkah and 850,000 coming from inside.

“The number of pilgrims who can stay in homes and hotels that are licenced to do so is estimated to be around 3.3 million, depending on how construction goes. We’ll need about 66,000 buses and cars to move pilgrims this season, and it’s expected that the pilgrimage season will bring in about SR23 billion ($6.1 billion).

He said that these numbers are just a few examples of the huge investment opportunities that are available during the Hajj season. He also said that successful partnerships can be made between different parties to make investors work together in a great way.