Saudi Arabia, Indonesia Discuss Investment in Hajj, Umrah

Pilgrims practice social distancing as they perform Umrah in the Grand Mosque in the holy city of Makkah, Saudi Arabia, October 3, 2020. Reuters
Pilgrims practice social distancing as they perform Umrah in the Grand Mosque in the holy city of Makkah, Saudi Arabia, October 3, 2020. Reuters
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Saudi Arabia, Indonesia Discuss Investment in Hajj, Umrah

Pilgrims practice social distancing as they perform Umrah in the Grand Mosque in the holy city of Makkah, Saudi Arabia, October 3, 2020. Reuters
Pilgrims practice social distancing as they perform Umrah in the Grand Mosque in the holy city of Makkah, Saudi Arabia, October 3, 2020. Reuters

An Indonesian delegation met on Tuesday with a number of Saudi businessmen and investors to discuss available investment opportunities in the Hajj and Umrah sector in the Kingdom.

Joko Asmoro, chairman of the Indonesian Muslim Association for Hajj and Umrah, said that pilgrims from his country would arrive successively after the re-opening of holy sites for the Umrah, following a seven-month closure caused by the Covid-19 pandemic.

Vice Chairman of the Chamber Marwan Shaban said the Indonesian delegation was interested in exploring investment opportunities that would include hotels, the import of Saudi dates and trade exchange in various Indonesian products.

Mazen Darar, member of the Makkah Chamber, said that means of cooperation and available investment opportunities were discussed during the meeting. He added that the two sides agreed on an expanded agenda and the organization of future workshops that would include a large number of investors from both sides.

Dr. Houriya al-Islami, member of the Indonesian Hajj Fund Management Agency in Indonesia, said that around one million Indonesians perform the Umrah annually, while 230,000 pilgrims perform the Holy Hajj.

“This encourages us to launch investments in this field,” she said.



IMF Says Escalation of Middle East Conflict Could Have Significant Economic Consequences

Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
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IMF Says Escalation of Middle East Conflict Could Have Significant Economic Consequences

Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki

The International Monetary Fund said on Thursday that an escalation of the conflict in the Middle East could have significant economic ramifications for the region and the global economy, but commodity prices remain below the highs of the past year, Reuters reported.

IMF spokesperson Julie Kozack told a regular news briefing that the Fund is closely monitoring the situation in southern Lebanon with "grave concern" and offered condolences for the loss of life.

"The potential for further escalation of the conflict heightens risks and uncertainty and could have significant economic ramifications for the region and beyond," Kozack said.