Hajj and Umrah revenues to exceed $150 bn by 2022

Economic experts have said Hajj and Umrah revenues are poised to exceed $150 billion by 2022.

Arab News reports that Muhsin Al-Sharif, a member of the Committee of Real Estate and Investment, said this will serve the Saudi national economy and create a mega market not only for seasonal jobs, but also for sustainable jobs which form the nerve of Hajj and Umrah economics.

He said the $150 billion should be used on Saudi projects and should not be pumped out of the Kingdom.

Additionally, he said 100,000 permanent Hajj-related jobs for Saudis should be created.

He added that economic aspects of Hajj and Umrah cannot be ignored as they are capable of providing high profit margins which will pave the way for the capital flow to Makkah and Madinah, not only in Hajj and Umrah business, but also for the hospitality and hotel sector.

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