And here comes the enhanced spiritual journey of Hajj

With its latest overhaul, the Hajj and Umrah sector is becoming a key economic driver and significant cornerstone of non-oil activity. The continual development of Hajj and Umrah organizations and services is an unstoppable mission and among the top priorities of the Saudi government’s vision.

It is worth noting that the new focus of the Ministry of Hajj and Umrah is mainly to enhance the competitiveness of licensed companies and ensure adherence to the highest degree of corporate governance and transparency. This in turn will achieve the government’s goal of raising the quality of services offered to pilgrims, including housing, logistics services, healthcare, transportation, subsistence, water and energy solutions.

The continual development of Hajj and Umrah organizations and services in the Kingdom is among the top priorities of the Saudi government. This important target requires owners and managers of Hajj and Umrah services companies to undertake practical financial and corporate actions, including listing, mergers, acquisitions and restructuring to create sustainable and profitable performance.

The Saudi capital market is becoming one of the most advanced globally, with incentives for family businesses, including Hajj and Umrah services shareholders, to plan to monetize their shares by listing their companies on the stock market.

The continual development of Hajj and Umrah organizations and services in the Kingdom is among the top priorities of the Saudi government.

These days, there are many educational sessions and workshops aimed at educating shareholders of these companies on the benefits and advantages of going public. At BMG, we are hosting our economic forum on July 3 at the London Stock Exchange, where we will dedicate a full panel to preparing Hajj and Umrah companies for IPOs.

The panel, titled “Vision and Ventures: Pioneering Economic Growth in Pilgrimage Services,” will feature chairmen and senior executives of these companies, including Dr. Ahmad Sindi, chairman of the Company of Mutawifs for Pilgrims from African Non-Arab Countries, Rakan Azhar, chairman of Rawaf Mina, Mohammed Maageni, chairman of Ashraqat Tawafi Co. for Pilgrims of Arab Countries.

Panel topics will include enhancing the pilgrimage experience, innovative approaches to infrastructure development in pilgrimage areas and sustainable practices in managing large-scale pilgrimages.

As we witness global visitors embarking on their spiritual journey to perform Hajj in the coming weeks, the Hajj and Umrah companies are dedicated to exerting endless efforts to enhance this spiritual journey and make it a memorable experience for a lifetime.

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