Place

Place is an expression of a location, typically expressed in Absolute Location or Relative Location. Absolute location is an exact point with specific coordinates like longitude and latitude. On the other hand, relative location usually pairs a number of locations in reference to one another. (2)

Credits for image above: Me

Credits for image to the left: Google Images

Cultural Significance:

This area is where the Prophet PBUH ascended into heaven which provides a religious significance to Muslims all over the world. Moreover, this sacred temple also has become a spot where many people of other faiths like to come visit. Even Christian Arabs come to visit just so they can feel connected to their roots.
When coming to the Dome of the Rock, both men and women need to be properly covered or you will not be allowed in. Non-Muslims are not permitted to enter.

Economic Significance:

The Dome of The Rock can now be seen and catered to tourists. On your way into this area, there are many small businesses and shops where you can buy food, spices, handmade accessories and many other things. People sell here because tourists from all over the world come and it is a great way to make a living.
Fun Fact: In Palestine, it is very common to negotiate prices, but it just as common to get scammed.

Political Significance

Although this spot is significant to the Abrahamic religions, there are definitely political differences that cause trouble for Muslims because of the Palestine x Israel conflict.

Historical Significance:

The Dome of the Rock was the first Muslim masterpiece built in 687 A.D. This was built half a century after the death of the Prophet Muhammad (PBUH). This monument's fundamental purpose is to express the faith revealed in the Qur'an. (1)