Madinah is one of the most prosperous Saudi cities, with numerous investment opportunities that have contributed to the growth of its trade, industry, tourism and agricultural sectors.
Madinah’s religious status has made it one of the most prominent tourist cities thanks to the high volume of visitors and pilgrims, in addition to its natural and mineral wealth. This has helped in fostering a commercial atmosphere, especially with regards to demand on consumer products.
Commercial registrations are expected to increase to more than 39,000 according to the research center at the Madinah Chamber of Commerce and Industry.
More service and transportation projects are expected to be established in the future. Industrial cities have 201 factories, with a metal factory in the lead at 25.4 percent and foodstuff production accounting for 20.4 percent of investment, making the city an attractive investment venue.
Statistics from the Chamber show that the city’s religious, historical and cultural status has made it a distinguished economic location. According to statistics, the number of factories has increased by 6.3 percent during the first half of 2012. The total volume of financial services reached SR70.4 billion, accounting for 13.6 percent of industrial finances. This figure is expected to rise by more than 4 percent of the Kingdom’s productive factories.
The most prominent industries in Madinah include non-metallic mineral products, which account for 25.4 percent of production with 51 factories and 8,333 workers, who make up 29 percent of the total number of factory workers in the area.
The center has also said that chemical factories rank first in terms of funding, with a value of SR29 billion, or 41.2 percent of total funding expenditure. Chemical factories have 22 percent of the labor force in Madinah, while coal production and refined petroleum products have 32.5 percent.
The chamber’s research center said the number of commercial registers is on the increase and are expected to reach more than 39,000. There were 1,284 documented registers during the first half of 2012, an increase of 21.4 percent from the same period last year and a 10.2-percent increase from the same period in 2010.
The center also stated that Madinah Province has 159 hotels, equivalent to 16.7 percent of the Kingdom’s hotels. There are 18 five-star hotels, 11 four-star hotels and 46 three-star hotels. The city also owns 23 residential units. The city’s religious status and geographical location, in addition to archaeological sites in governorates such as Ola, Khaibar, Yanbu and Badr further increase its touristic value.
Major projects to be implemented in Madinah will contribute to the growth and development of the area’s economy. These include the expansion of the Prophet’s Mosque, which is being implemented over three stages to accommodate more than 1.6 million worshippers. The Madinah Economic Knowledge project spans 4.8 million sqm, which aims to attract more than SR25 million in investments.
The project will provide 20,000 job opportunities, in addition to the Al-Haramain train, which connects Makkah and Madinah through Jeddah, spanning 480 km and accommodating more than 3 million passengers.