Makkah

As Islam’s holiest city, Makkah has an economy that enjoys extraordinarily high demand from the many millions of Muslim pilgrims who visit it each year. With pilgrim numbers expected to nearly double between 2008 and 2019, the real estate, infrastructure, hospitality and retail sectors are among those most likely to benefit. Hotel capacity is set to rise from 50,000 rooms to around 75,000 as several massive developments are completed. Most of these properties will be geared towards the higher end of the market, although there are opportunities in other segments as well. All in all, ongoing developments in Makkah were valued at around $200bn in early 2012, with much of this devoted to redeveloping the centre of the city near the Grand Mosque. This chapter includes an interview with Osama Al Bar, Mayor of Makkah.