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.
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