Madinah - A Promising Economic Future
Capital of Islam and Home of Prophet Mohammed (peace be upon him)
Madinah is the 2nd holy city in Islam, and the 1st capital of the Islamic civilization. It was the home of Prophet Mohammed (peace be upon him) and his burial place. Based on this rich heritage, history, and past prominence it became a magnet for billions of Muslims’ love and affection and the source of their knowledge and civilization.
Growing Demand from Residents and Visitors
Madinah’s population has recently crossed the 1 million mark and is officially the 4th largest city in Saudi Arabia, growing ahead of the national average at around 3.4% per year and expected to double in the next 20 years. On the other hand, around 6-8 Million Muslims visit Madinah every year, and the number is expected to reach 34 Million by 2024.
Mega infrastructural developments
The Saudi Arabian government has planned an initiated many development projects to cater to the growing demand in all sectors amongst residents and visitors. The holy mosque continues to witness significant expansion efforts, with the upcoming one promising to increase its capacity from the current 600,000 to nearly 1 million worshipers at peak times. The airport is being expanded into a world-class international hub with capacity reaching 8 million passengers by 2014. The Haramain high-speed railway is another key transport enabler that will be able to accommodate 6 million passengers by 2014 and ultimately reach a capacity of 12 million passengers per year.
Emerging market and national economic driver
Economic indicators coupled with the mega projects mentioned above will have a significant quantitative and qualitative impact on the economy of Madinah generating sustainable tremendous demand for all types of products and services.
Focus of the Nation
The Saudi Arabian Government pays special attention to the city of Madinah. As it aims to contribute to its development, The Custodian of the Two Holy Mosques King Abdullah bin Abdul-Aziz in June 2006 endorsed Knowledge Economic City ( KEC ) to create a categorical leap in the economic development of the region in general, and Madinah Al-Munawarah in particular based on knowledge based industires..