Saudi Arabia to transform holy cities Makkah, Medina into global investment hubs under new partnership

Arabian Business

Federation of Saudi Chambers and the Islamic Chamber of Commerce and Development have entered into a groundbreaking *Manafea partnership agreement

Holy cities Manafea partnership agreement

The Federation of Saudi Chambers and the Islamic Chamber of Commerce and Development signed a Manafea partnership agreement to transform the two holy cities of Makkah and Medina into a global platform for investment and international events.

The two cities will be promoted based on their high religious and economic status in the Islamic world. The Federation of Chambers, representing the Saudi private sector, and the Islamic Chambers, will harness their respective business networks, platforms, and local and international relationships to support the proposed transformation plans for the two holy cities.

The Manafea partnership aims to make use of the sacred status of the cities of Makkah and Medina to attract economic activities, provide capabilities to raise the efficiency of the investment environment in the two cities.

The partnership aims to hold a series of discussions, workshops and seminars with business leaders, decision makers, trade delegations and Islamic art and culture to promote the proposed plans. The partnership agreement was signed on Thursday at the Makkah Halal Forum, in the presence of the Minister of Commerce, Dr. Majid Al-Qasabi.

*The Manafea Partnership is a tripartite partnership signed between the Islamic Chamber of Commerce, Industry and Agriculture, Makkah Chamber and Madina Chamber, to strengthen cooperation among the three parties in organizing a series of major international events that contribute to promoting economic development, research and Islamic art & culture in the 57 OIC member countries and the world at large.