The Madinah Chamber of Commerce and Industry has signed a contract with the National Center for Economic, Administrative, Environmental and Mining Consultancy to study the economic map of the area of Madinah until 2050.
The map will serve as an economic plan dealing with all sectors of the economy and investment associated with the area of Madinah, both in the short and long terms. It will help in exploring the potential opportunities in the region to bring about sustainable economic development, revealed sources.
The move initiated by the Madinah Chamber of Commerce and Industry aims to guide the distribution of investment and economic initiatives based on the available resources and raw materials in the region and the demographic spread of the population.
With the help of the map, the goal is to enhance the large infusion of capital based on data provided by the study, explained Mohammed Faraj Al-Khatrawi, chairman of the chamber’s board as quoted by Arab News.
Al-Khatrawi said the project, which has been extensively studied by the Madinah chamber, is part of the framework of its role in the definition of investment opportunities that are commensurate with the needs of the area of Madinah. It will also help identify comparative and competitive opportunities with regards to specific time and place, the economic importance represented in industrial and mining activities, as well as the importance of Madinah as a center due to the numerous visitors to the Prophet’s Mosque each year and the presence of agricultural, tourism, livestock, and fishing activities.
According to Al-Khatrawi, the economic map of the area of Madinah is based on local, regional and global data, and involves exploring the needs of millions of Muslims.
The study, he added, aims to examine and diagnose the current situation based on reference comparisons, best practices, future scenarios, and the strategic plans in order to achieve an economic map that can help all parties in the government and private sectors bring about sustainable economic development for the area of Madinah.
With the help of such a project, these development initiatives can take into account current and future variables due to the evolution of development projects taking place in Madinah at all levels.