50 million deals at the Custodian of the Two Holy Mosques Camel Festival and “Ibn Raya”: It has become more expensive than real estate

50 million deals at the Custodian of the Two Holy Mosques Camel Festival and “Ibn Raya”: It has become more expensive than real estate

The deals for buying and selling “camels” on the sidelines of the activities of the Custodian of the Two Holy Mosques Camel Festival will not be less than 50 million transactions, and the costs of concluding them will not be less than 100 million riyals, according to Hamad bin Raya Al Marri, one of the most prominent camel owners in Saudi Arabia and the Gulf region.
The first edition of the festival, which is organized by the Saudi Camel Federation until February 18, kicked off last Thursday on the grounds of Janadriyah Square in Riyadh.
Ibn Raya, who was previously crowned twice with the Crown Prince Sword Award for points at the Crown Prince Festival, which has been held since 2018 in Taif, told Al-Eqtisadiah: “Due to the tangible and significant support by the Crown Prince for the sport of fathers and grandfathers, and because of the large number of tournaments and festivals, camel sport has become It is a major economic resource for the nation and the citizen. During the past period, the popularity of camel racing, its audience, and the number of owners have increased, in addition to the strong entry of businessmen. The regions and cities hosting festivals and tournaments have rebounded economically, significantly, and by a very large percentage, exceeding 100%.
Ibn Raya explained that the rise in the value of the mount reached a record high that could be increased in the next few years. He said: The price of the mount in the past did not exceed 1.5 million in Saudi Arabia and in the Gulf it reached approximately two million riyals, and now it reaches large numbers, noting that the owner, Ahmed bin Khairy, sold Yesterday, two rides cost 30 million riyals.
He added, “Today the prices of rides have exceeded land and real estate. In minutes and with one participation, the value of rides may jump from 30 to 60 percent, from 100,000 to one million riyals and more. The evidence is many.”
Bin Raya said, “A few days before the festival, I sold three rides for six million riyals, and many owners during the short period sold more than ten rides for more than 30 million. I expect, knowing God, that more than 50 deals will be completed, and the amount is not less than 100 million riyals, especially In the last days of the festival.
He added, “What also increases the price of the mounts at the present time is that the owners hold on to their elite and distinctive mounts due to their desire to participate in the current festival and then the Al-Ula Camel Cup for its high prizes, which reach amounts greater than the value of the mount itself.”
Ibn Raya concluded, “I hope there is a Saudi institution that participates and competes with Gulf institutions to preserve Saudi camels and championship titles here, and I am optimistic about a stronger future for camel sports.”


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