A square meter of land in Makkah now costs SR 2 m

February 9, 2013

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Jeddah, Feb 9: Investors may have to pay a whopping SR 2 million for a square meter of land in the central zone around Makkah by the end of 2013, said chairman of the real estate committee at the Makkah Chamber of Commerce and Industry Mansour Abu Rayash.

Prices ranged between SR 500,000 and SR 1.5 million in 2012. A square meter in a strategic area in Japan is about $ 100,000, seven times cheaper than Makkah, he was quoted as saying in Al-Sharq newspaper.

“Real estate investments rose to 45 percent in Makkah alone while the rest of the country’s regions accounted for the remaining 55 percent,” he said, adding that the percentage would increase to more than 50 percent in 2013.

“The real estate market in Makkah witnessed above-expectation figures in terms of pricing and deals. Forty-five percent of all liquidity poured into the city of Makkah.”

“Makkah is witnessing massive activity in its real estate market caused by property-expropriation compensations which amounted to SR 200 billion in 2012.”

Abu Rayash said a lot of money was poured into the real estate market in Makkah by many investors from different regions including Riyadh, Qasim, Eastern Province and southern regions. He said liquidity in Makkah would increase to SR 250 billion in 2013 as a result of “the demolishing of the Parallel Road, the expansion of the Madafe, Jabal Alkaba and Harat Assada districts and progress on the issue of unplanned districts in the city.”

Abu Rayash said many investors are heading to Makkah instead of other main cities such as Riyadh and Jeddah because of the massive growth in the numbers of Umrah and Haj pilgrims. “It is expected the city will receive seven million Umrah pilgrims and four million Haj pilgrims this year as a result of expanding the Holy Sites, the new Mashaer and Makkah trains and the completion of the Jamrat Bridge expansion.”

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News Network
April 17,2024

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Dubai: Dubai was slapped by heavy floods as the United Arab Emirates (UAE) was hit by extremely heavy rains on Tuesday. The desert city received over a year and a half's worth of rain in just a day even as heavy thunderstorms lashed other parts of the UAE.

Roads turned into rivers as they were filled up with water. Shopping centres like Dubai Mall and Mall of the Emirates were also seen flooding.

Schools across the UAE have been shut and are expected to remain closed on today as well.

According to a report by India Today, Dubai airport received about 100 mm of rain in just 12 hours on Tuesday and a total of 160 mm in the last 24 hours.

On average, Dubai receives about 88.9 mm of rain in a year, which concludes that the city received more than a year's rain in a day.

Dubai International Airport said on Wednesday it was experiencing significant disruption due to bad weather and was working to restore normal operations as quickly as possible.

Flights have been delayed or diverted and impacted by displaced crew, the airport said in a statement, adding that recovery would take some time.

Dubai's Emirates airline said that it was suspending check-in for passengers departing the airport from 8 am (0400 GMT) on Wednesday until midnight due to operational challenges caused by the bad weather and road conditions.

Dubai International was temporarily diverting arriving flights on Tuesday evening because of a storm, and operations were suspended for 25 minutes earlier in the day.

According to India Today, the airport stopped flight operations and issued a warning earlier today on X.

The Dubai International Airport requested the passengers to check their flight status.

Employees in Dubai have been told to work from home.

The UAE Government took to X and said, "Based on the directives of the Council of Ministers, it was decided to extend remote work until tomorrow, Wednesday, April 17, for all federal government employees, with the exception of jobs that require presence at the workplace, taking into account the weather condition that the country is going through."

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News Network
April 14,2024

Riyadh: Saudi Arabia on Sunday expressed deep concern over the military escalation in the Middle East and urged all parties involved to exercise restraint, the Saudi Press Agency reported, citing a statement of the Ministry of Foreign Affairs.

The Ministry of Foreign Affairs warned of "serious repercussions" on the region and its peoples from the dangers of a wider war, according to SPA.

Iran on Saturday launched drones and missiles against Israel, making good its threat to retaliate against the Israeli air strike that destroyed an Iranian embassy annex building in Damascus, Syria, killing at least 13 people, including two generals of Iran's elite Revolutionary Guard.

The Saudi ministry "affirmed the Kingdom’s position calling for the need for the Security Council to assume its responsibility towards maintaining international peace and security, especially in this region that is extremely sensitive to global peace and security, and to prevent the escalation of the crisis that will have serious consequences if it expands," said the SPA report. 

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News Network
April 13,2024

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Tehran, Apr 13: Iranian armed forces have seized a container ship near the Strait of Hormuz amid rising tensions across the region after a deadly Israeli attack on Iran’s consulate in Syria.

The incident comes amid Israel bracing for Iranian retaliation after the regime's April 1 strike on a building in the Iranian embassy compound in the Syrian capital of Damascus, which killed seven IRGC military advisors, including two generals.

The ship was commandeered by the Islamic Revolutionary Guard Corps (IRGC), the elite force that lost seven members in the Syria strike, Iranian state media reported on Saturday.

“The ship has now been guided towards the territorial waters of our country,” state-run IRNA reported.

The vessel was identified as the Portugal-flagged MSC Aries, which reportedly departed from a port in the United Arab Emirates en route to India. 

Footage from the deck of the vessel obtained by The Associated Press news agency on Saturday showed soldiers rappelling down from a helicopter.

The helicopter appeared to be a Soviet-designed Mil Mi-17, which is operated by the naval forces of the IRGC.

Zodiac Maritime said in a statement that MSC is responsible for all vessel activities.

“Title to the vessel is held by Gortal Shipping Inc as financier and she has been leased to MSC on a long-term basis. Gortal Shipping Inc is affiliated with Zodiac Maritime,” it said.

The United Kingdom Maritime Trade Operations (UKMTO) had said a vessel was seized by “regional authorities” 50 nautical miles (92km) northeast of the UAE’s Fujairah in a waterway vital to world trade.

Another Israeli-linked container ship was attacked and damaged by a drone in the Indian Ocean in late November, which the United States blamed on Iran.

Israeli Foreign Minister Israel Katz said in a post on X that the move by Iran was “a pirate operation in violation of international law”.

He called on the European Union and “the free world to immediately declare” the IRGC a “terrorist organization and to sanction Iran now”.

The Gulf of Oman is near the Strait of Hormuz, the narrow mouth of the Persian Gulf through which a fifth of all globally traded oil passes. Fujairah, on the United Arab Emirates’ eastern coast, is a main port in the region for ships to take on new oil cargo, pick up supplies or trade out crew.

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