$56bn projects underway in Madinah: report
The Madinah region is currently undertaking 213 development projects valued at more than SAR210 billion ($56 billion), according to an economic report from the Madinah Chamber of Commerce.
The report, quoted by Saudi Gazette, indicated that 188 of these projects are being developed by the private sector, with the remaining 15 being government initiatives. The total land allocated for these projects exceeds 15 million sq m.
The commercial sector accounts for the largest portion of the ongoing projects totalling 153, followed by the residential and commercial sector with 27. Health, education, tourism, and religious sectors also feature in the development plans.
The report highlighted a real estate market boom in Madinah, with a trading volume of SAR10 billion in 2024. The unemployment rate in the region fell to 8.4% in the fourth quarter of 2024, down from 10.3% in the previous quarter. The workforce has grown to over 458,000, with construction, trade, and manufacturing being the primary sectors of employment.
Mazen Rajab, chairman of the Madinah Chamber of Commerce, stated that the report aims to support investors by providing crucial economic data and statistics to inform their decisions and improve the regional investment climate.
He emphasised the region's comparative advantages and investment opportunities, positioning Madinah as a promising area for growth within the framework of Saudi Arabia's Vision 2030.- TradeArabia News Service
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