The MEA said that a Memorandum of Understanding was signed on investing in the National Investment and Infrastructure Fund between India and Saudi Arabia.

It is the third hike in three years, taking the number of pilgrims from the country who can perform Haj to 2 lakh.

The statement said that the announcements cover a range of partnerships across strategic growth sectors, including energy and water, technology, arts and entertainment, healthcare, trade and investment.

These properties will be operated under the franchise model with full inventory control similar to other markets like India and China.