Seventy percent of small- and medium-size businesses established in Makkah in the past three years have already gone under, according to the Makkah Chamber of Commerce and Industry (MCCI).
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The chamber attributed the high rate of failure to several factors including flawed visions and expectations on the part of entrepreneurs who failed to take into account the many different nationalities coming to the city for Haj and Umra.
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It also attributed the spread of low-quality products labeled “made in Makkah in the market to the shortage of factories in city.
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“These projects were supposed to serve the Makkah economy but due to the owners’ dependence on inaccurate feasibility studies they did not meet the requirements of the market,” said Ehab Mashat, a member of the MCCI board. “Some of the entrepreneurs have followed their personal convictions only without considering the requirements of the market and consumers. Market needs must be recognized and consumers’ convictions are no less important than those of traders,” he said.
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http://www.arabnews.com/saudi-arabia/makkah-businessmen-urged-consider-market-requirements
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