Large potential in religious tourism



Religious tourism, already a source of many of Saudi Arabia's visitors, has vast growth potential, analysts say. About 7.8 million Muslims visit the holy cities of Mecca and Medina each year on the Haj and Umrah. As infrastructure developments - including transport improvements and more hotel rooms - are put in place, the number of pilgrims visiting the cities could increase to 13.75 million by 2019, according to research by the property consultancy Jones Lang LaSalle.

"There are bottlenecks," said Chiheb ben Mahmoud, the senior vice president at Jones Lang LaSalle Hotels in the MENA region. The expected growth in pilgrim numbers means there is a need to expand the supply of hotel rooms in Mecca to about 82,000 by 2019, up from about 50,000 at present. There are about 20 master plans for very large projects around Mecca. These include the Abraj Al-Bait Towers, which will feature a 577-metre tall building with a clock resembling Big Ben and house a Fairmont hotel.

One of the largest of the developments is Jabal Omar, which should have about 10,000 hotel rooms under the management of major international hotel companies. "The idea is not only to increase the accommodation capacity, but also to improve the levels of safety and comfort, moving to a conventional hospitality model," Mr ben Mahmoud said. Many of the hotels in Mecca are not up to international standards, and the tourism authority, which recently rolled out a classification system, is working on standards for properties in the holy cities, Mr ben Mahmoud said.

The Saudi Commission for Tourism and Antiquities "is trying to implement a classification system for hotels in the holy cities, although it is different from the standards of the other cities", he said. The country's religious traditions may have held back tourism growth to some extent in the past, Mr ben Mahmoud said, but he added that "the religious character can very well coexist with other kinds of tourism".

? Rebecca Bundhun

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

MATCH INFO

Manchester United 2 (Heaton (og) 42', Lindelof 64')

Aston Villa 2 (Grealish 11', Mings 66')

FA Cup semi-final draw

Coventry City v Manchester United 

Manchester City v Chelsea

- Games to be played at Wembley Stadium on weekend of April 20/21. 

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Sri Lanka-India Test series schedule

1st Test July 26-30 in Galle

2nd Test August 3-7 in Colombo

3rd Test August 12-16 in Pallekele

How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.

Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).

Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal. 

Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.

By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.

As demand for energy fell, the oil and gas industry had a tough year, too.

Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.

He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.” 

This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”

Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.

JOKE'S ON YOU

Google wasn't new to busting out April Fool's jokes: before the Gmail "prank", it tricked users with mind-reading MentalPlex responses and said well-fed pigeons were running its search engine operations .

In subsequent years, they announced home internet services through your toilet with its "patented GFlush system", made us believe the Moon's surface was made of cheese and unveiled a dating service in which they called founders Sergey Brin and Larry Page "Stanford PhD wannabes ".

But Gmail was all too real, purportedly inspired by one – a single – Google user complaining about the "poor quality of existing email services" and born "millions of M&Ms later".

Super Saturday race card

4pm: Mahab Al Shimaal Group 3 | US$350,000 | (Dirt) | 1,200m
4.35pm: Al Bastakiya Listed | $300,000 | (D) | 1,900m
5.10pm: Nad Al Sheba Turf Group 3 | $350,000 | (Turf) | 1,200m
5.45pm: Burj Nahaar Group 3 | $350,000 | (D) | 1,600m
6.20pm: Dubai City of Gold Group 2 | $300,000 | (T) | 2,410m
6.55pm: Al Maktoum Challenge Round 3 Group 1 | $600,000 | (D) | 2,000m
7.30pm: Jebel Hatta Group 1 | $400,000 | (T) | 1,800m

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000


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