Latest news with #MadinahRegion
Arab News
2 days ago
- Business
- Arab News
Madinah leads regional growth with 24% construction employment in Q1
RIYADH: Saudi Arabia's Madinah region recorded strong first quarter growth in 2025, led by 24 percent workforce participation in construction and 20 percent in trade, signaling diversification momentum. A recent report by the Madinah Chamber of Commerce outlines the region's sectoral distribution, with construction continuing to dominate amid a surge in infrastructure projects, the Saudi Press Agency reported. The wholesale, retail trade, and vehicle maintenance sector, which accounted for 20 percent of the workforce, continued to thrive, demonstrating strong commercial activity and consumer demand. This segment's high employment rate underscores Madinah's role as a regional trading hub. The manufacturing sector, representing 12 percent of the workforce, showed growth that indicates the emergence of a stronger industrial base, contributing to economic diversification and reducing reliance on oil-related industries. Tourism, with an 11.2 percent workforce share, remained a key sector for Madinah as a destination for religious tourism, benefiting from a steady influx of pilgrims. The sector's workforce expansion aligns with increased investment in hospitality, transportation, and tourism-related services, the SPA report added. The chairman of the chamber, Mazen bin Ibrahim Rajab, emphasized the focus on improving the business environment by leveraging Madinah's economic strengths and investment opportunities. The report situated Madinah's growth within broader economic trends. In 2024, the worldwide economic growth reached 3.2 percent, supported by a rebound in foreign direct investment, while inflation declined to 4.5 percent, signaling improving economic stability. The Kingdom's gross domestic product grew by 4.4 percent in 2024, with non-oil sectors expanding by 5.9 percent. Madinah contributed significantly to this trend, recording a 2.8 percent increase in its GDP, reaching SR57.6 billion ($15.3 billion) in the third quarter of 2024. The report showed that Madinah recorded the second-highest domestic demand growth in Saudi Arabia at 11 percent, trailing only Riyadh. Additionally, foreign direct investment in the Kingdom surged by 36.6 percent in the third quarter 2024, reaching SR16 billion, with Madinah attracting a notable share due to its expanding industrial and commercial opportunities. The report also highlighted Madinah's booming real estate and infrastructure sectors with property transactions in 2024 totaling SR10 billion, reflecting strong investor confidence. The job market improved significantly, with unemployment dropping from 10.3 percent in the third quarter of 2024 to 8.4 percent in the following three-month period, thanks to new employment opportunities across key sectors. A total of 213 development projects, valued at over SR210 billion, are currently in progress, according to the report. These include 153 commercial projects, 27 mixed-use residential and commercial developments and other projects in healthcare, education, tourism, and religious infrastructure. These initiatives are expected to generate more than 119,000 jobs, further boosting Madinah's economic prospects.
Arab News
3 days ago
- Business
- Arab News
Madinah leads Saudi organic aromatics market
RIYADH: Madinah has solidified its position as the Kingdom's largest producer of organic aromatic plants, contributing 78 tonnes — 26.4 percent of the national total of 296 tonnes. This reflects the region's strong agricultural productivity and its key role in medicinal and aromatic plant cultivation, the Saudi Press Agency reported. A recent report by the Madinah Chamber of Commerce detailed the national landscape, showing Qassim as the second-largest producer with 15.9 percent, followed by Riyadh with 14.9 percent and Jazan with 14.7 percent. Together, these four regions account for approximately 72 percent of the Kingdom's total organic medicinal and aromatic plant production, the SPA reported. The report outlined cultivated areas, with Madinah leading at 37 hectares, followed by Qassim with 36, Riyadh with 35, and Jazan with 34 hectares — underscoring strong regional competition in the sector. Madinah mint was identified as the region's most prominent organic aromatic plant, valued for its strong aroma and distinctive flavor, according to the SPA. Its cultivation is deeply rooted in the region's agricultural heritage and presents attractive investment opportunities at various scales. Other aromatic plants grown in Madinah include basil, henna, and moringa. The report also highlighted broader investment opportunities within the aromatic plant production sector.
Trade Arabia
08-05-2025
- Business
- Trade Arabia
$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
Zawya
07-05-2025
- Business
- Zawya
Madinah sees implementing 213 development projects worth $56bln
MADINAH — The Madinah Region is currently witnessing the implementation of a total of 213 development projects with a total value exceeding SR210 billion. These included 188 private sector projects and 15 government projects, according to an economic report issued by the Madinah Chamber of Commerce. The total land area allocated for these projects exceeds 15 million square meters. These projects are expected to provide more than 119,000 job opportunities in the future. The report indicated that the commercial sector accounted for the largest share of the list of projects under implementation, with 153 projects, followed by the residential and commercial sector with 27 projects, followed by the health, education, tourism, and religious sectors, respectively. The report showed that the gross domestic product in the Madinah region reached SR57.6 billion in the third quarter of 2024, achieving a growth of 2.8 percent compared to the same quarter of the previous year. The region also recorded the second-highest growth rate in domestic demand at 11 percent, according to points of sale, after Riyadh. It also reviewed the most prominent analytical data witnessed by the economic sector to support decision-making, investors, and entrepreneurs, and attract investments to stimulate economic development in the Madinah region. The report highlighted that real estate market in the Madinah region is witnessing a boom, with a trading volume of SR10 billion during 2024. The unemployment rate in the region decreased to 8.4 percent in the fourth quarter of 2024, compared to 10.3 percent in the third quarter of the same year. Meanwhile, the region's workforce increased to more than 458,000 employees, with economic activity concentrated mainly in the construction, trade, and manufacturing sectors. Mazen Rajab, chairman of the Madinah Chamber of Commerce, emphasized that the report stems from the chamber's commitment to providing the necessary support to investors, providing the data and statistics needed to inform economic decisions, and working to improve the investment and business environment in the region. He stated that the comparative and competitive advantages enjoyed by the Madinah region, and the available investment opportunities, make it a promising environment for growth and prosperity, within the framework and programs of the Kingdom's Vision 2030.
