Hajj revenues poised to exceed $150bn by 2022: Experts
TARIQ AL-THAQAFI|Published — Monday 28 August 2017
Saudi military police officers assist pilgrim at the Grand Mosque in Makkah on Sunday. (AN photo by Ahmed Hashad)
MAKKAH: Economic experts have said Hajj and Umrah revenues are poised to exceed $150 billion by 2022 in light of the expected mergers of economic blocs and groupings to meet the growing demand on Hajj and Umrah economics in terms of transport, commercial stores and expansion in small, medium enterprises (SMEs).
Muhsin Al-Sharif, a member of the Committee of Real Estate and Investment, said Hajj revenues will feed the national economy and, therefore, an integrated plan should be worked out to control revenues and financial resources in a manner that will serve Vision 2030.
This will also serve the national economy and create a mega market not only for seasonal jobs, but also for sustainable jobs which form the nerve of Hajj and Umrah economics, he said.
He said the announced plan to host 30 million pilgrims and Umrah performers by 2030 is a real mirror of plans to bring markets in Makkah and Madinah out of disorganization and put them into well-organized economic frameworks serving changing economic mechanisms that attract high returns estimated at billions of dollars annually.