Endless efforts to enhance the spiritual journey of Hajj and Umrah

As a key economic driver and a significant cornerstone of the non-oil sector, the continual development of Hajj and Umrah organizations and services in the Kingdom is an unstoppable mission and is among the top priorities of the Saudi government's vision.

Last week, I received an invitation from my friend Ahmed Sindi, chairman of the Company of Mutawifs for Pilgrimages from African Non-Arab Countries, to attend the third Hajj and Umrah Services Conference and Exhibition 2024 under the patronage of King Salman.

The conference, which will be held from Jan. 8 to Jan. 11, is a global platform that brings together all those interested in the Hajj and Umrah services sector, with initiatives, products, innovations, investments in new solutions and technologies to be presented, discussed and reviewed. It is an opportunity to showcase and create partnerships for local entities, Hajj missions from around the world, interested parties and entrepreneurs to build sustainable collaborations that enhance the experience of all pilgrims.

The new focus of the Ministry of Hajj and Umrah is primarily to enhance the competitiveness of companies in the sector and ensure the corporate governance and transparency of centuries-long family-owned businesses. This, in turn, will achieve the government's goals of improving the quality of services offered to pilgrims.

Various topics will be presented during this event, including housing, logistics services, health care, transportation, subsistence, technology and artificial intelligence, water and energy solutions, which contribute to developing and raising the level of services provided to pilgrims and Umrah performers.

The continual development of Hajj and Umrah organizations and services in the Kingdom is among the top priorities of the Saudi government. This crucial objective, in my opinion, necessitates the owners of Hajj and Umrah services companies to undertake practical financial and corporate actions, including restructuring, mergers, acquisitions and going public, to ensure sustainable performance.

The Saudi capital market is becoming one of the most advanced globally, offering incentives for family businesses, including Hajj and Umrah services providers, to plan their public market journey by listing their companies on the stock market.

With expected global visitors embarking on their spiritual journey to perform Hajj and Umrah reaching 30 million pilgrims a year by 2030, the Kingdom is committed to extending endless efforts to make this spiritual journey a memorable one for a lifetime.

Basil M.K. Al-Ghalayini is the chairman and CEO of BMG Financial Group.