Saudi Arabia seeks private investors for $135m Medina ferris wheel
Saudi Arabia is looking for private investors to fund a $135 million ferris wheel in Medina, as the kingdom pushes to expand attractions for pilgrims and domestic travellers beyond its holy sites.
The project, listed as the Hijaz Eye on the government's Invest Saudi platform, would be built on a 33,700 square metre plot. The platform, which lists around 2,200 state investment opportunities, projects the wheel could repay investors within seven years.
"A lot can be done in terms of Umrah and Hajj plus," said Amin Ismail, managing director of investment advisory Certares, reflecting broader industry thinking on extending pilgrims' stays beyond religious obligations.
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Muhammad Ali Bandial