The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn more28 pages, Jun 2018
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Mecca is home to the most sacred holy sites for Muslims around the world, attracting millions of tourists annually to perform religious duties. The Saudi Vision 2030 has increased investment in all sectors including tourism, and thus Mecca plans to double the capacity to accommodate more religious tourists. This is supported by other infrastructure developments such as high-speed rail networks, expansion of airports, and introducing digital solutions to assist pilgrims.
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Mecca is a centre of Islam and home to the most sacred holy sites. Thus, while it is not the largest city in Saudi Arabia, it is in many ways the most strategic city in the Kingdom, attracting millions of Muslim tourists annually to perform religious duties.
The Kingdom is undergoing rapid change to diversify the economy under the Saudi Vision 2030 initiative to bring the country forward in terms of technology and other advancements. The vision is supported by significant investments in all sectors,including tourism, and thus it is planned to double the capacity to accommodate more religious tourists for Mecca.
The seasonality of religious tourist to Mecca, with peak season of Ramadan and Hajj, depict an undersupply of hotels and tourist facilities. Due to the lack of efficient public transport, the lodging sector continues to grow within Mecca and closer to the Grand Mosque.
The government has realised challenges to manage and facilitate a large number of religious pilgrims, and thus many infrastructure projects are likely to be completed in the near future, such as high-speed rail, metro networks and new airport terminals.
With many historic sites expensed during the expansion of the Holy Mosque, the government aims to preserve notable sites in Mecca, such as Thour mountain, Al Nour mountain, Taneem mosque, and raise the profile of these sites. There are plans to open Mecca Museum to highlight the historic significance of the city.
Saudi Arabia introduced a Value Added Tax of 5% on goods and services,beginning 2018, as well as revised visa fees to increase tourism receipts. These steps are likely to impact the sector to some extent. However, in the larger picture industry trends such as the emergence of low-cost carriers and online travel platforms are likely to offset such effects.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.