40% of Makkah investment to go to private sector
Thousands of investors attend Future Makkah
More than 5,000 local, regional and international investors, high net-worth individuals, government and municipality companies, are gathered in Makkah seeking to capitalise on the multi-billion SAR government projects.
The SAR 100 billion developments, which will include infrastructure, utilities and investment, will be discussed by construction, infrastructure and utility companies’ management expected to attending The Makkah International Urban & Infrastructure Development Event taking place until June 21.
“Projects worth billions of dollars are being initiated in the Makkah region, especially residential projects that are being undertaken to solve the housing problem in Makkah,” Dr. Abdul-Aziz bin Abdullah Al-Khudairi, Deputy Governor of Makkah province, who inaugurated the forum, said.
“Further, the immediate emphasis will be to prevent project delays and complete unfinished projects,” he continued.
“A strategy is also in place to achieve all round development and resolve the problem of population explosion, congestion and overcrowding in major cities. The key is to ease the burden on major cities and support the development of other provinces, making them self sufficient,” he said.
Deep Marwaha, group director, IIR Middle East confirmed 40 per cent of Makkah’s investment will be allocated to the private sector.
The event will host in-depth discussions and presentations concerning Makkah and KSA’s increasing power and water requirements, ongoing hospitality projects, transport development and the growing need for medical centres and services.
Financing facilities, profitable investment opportunities, the wider Kingdom, public-private partnership prospects and land values will also be discussed.
“Future Makkah gathers the most prominent personalities in government, business and civil society to discuss the ambitious development program that is being undertaken in the Makkah Region and its impact on the growth of the national economy,” Hussain Al Harithy, a representative for National Exhibitions Company, which is co-organising Future Makkah along with IIR Middle East, said.
“With such a powerful cast of participants, Future Makkah certainly serves as the definitive business-to-business networking venue for all parties involved in transforming Makkah into one of the most exciting destinations in the Middle East,” he added.
