http://www.npr.org/2010/11/16/131350606/saudi-arabia-modernizes-mecca-for-muslim-pilgrims
This link is all about how incredibly profitable the Hajj is for Saudi Arabia. It makes a good point, that the industry of religious tourism is recession-proof, just in the sense that all Muslims wishing to complete the Hajj must move through this one particular area. Building hotels and businesses in Mecca is, in that sense, a no-brainer.
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