Recently Saudi Government has given the details about the earnings from Hajj and Umrah. It has been seen that the major earnings came from Hajj, 4 star and 5 star Umrah packages. Saudi Economic experts have said that these earnings will be expected to increase $150 billion in year 2022. It will also increase the demand of
- Small and Medium Enterprise (SMEs)
- Transport services
- Commercial stores
Member of Real estate and Investment Committee, Muhsin Al-Sharif has said that: “These revenues will boost the overall national economy. It will create more sustainable jobs and will change the economic mechanism.
According to the National Transformation Plan (NTP) 2020, Makkah Chamber of Commerce and Industry will act as nucleus. There are many opportunities that serve as wider sector of Umrah and Hajj pilgrims.
He further said that Umrah and Hajj economics will continue to increase $150 Billion in the next five years. There are a small number of investors that are controlling the capital flows that should be fed into Umrah and Hajj sectors.
Muhsin Al-Sharif is hopeful that $150 billion is used to re-structure the money for useful purposes. Moreover, it will also create 100,000 jobs for Saudis. We cannot ignore the fact that the revenue will also use to improve the hotel and hospitality sector.