Saudi Arabia announced another new huge real estate project to be developed by its sovereign wealth fund.
The King Salman Gate in Mecca will cover 12 million square meters including prayer areas, residential units, hotels, and shops adjacent to the Grand Mosque as part of plans to expand religious tourism. No price tag for the development was announced, but it comes at a time when some other projects being developed by Public Investment Fund have faced budget cuts.
Crown Prince Mohammed bin Salman has made tourism, including pilgrimages to Islam’s most revered sites, a key part of his plan to diversify the Saudi economy. The government is pouring billions of dollars into developing Mecca and Medina, with a view to accommodating 30 million worshippers a year by 2030.