Saudi Arabia to launch investment firms for holy cities

Saudi Arabia's Public Investment Fund on Monday announced plans to set up two investment companies to develop infrastructure in Makkah and Madina, Islam's two holiest cities. The state-run PIF announced the creation of Rou'a Al-Haram and Rou'a Al-Madinah for Makkah and Madina respectively, where the annual number of visitors is expected to triple by 2030.
The two firms will together build 150,000 hotel rooms to accommodate the increase in Muslim pilgrims who visit the sites annually.