Saudi Gazette report
MADINAH — The Public Investment Fund (PIF) of the Ministry of Finance is soon to launch the largest project in the Kingdom at a cost of SR55 billion, Al-Madinah daily reported.
The project consists of administrative and residential towers and is expected to result in a positive social and financial return for residents of Madinah.
The project will be executed in two phases; the first phase will prepare the required infrastructure for the project at a cost of SR12 billion, while the second phase will witness the construction of the towers which will begin before the upcoming Haj.
The project, expected to be completed in two years, will be constructed on a 1.6 million square meter area, south of the Prophet’s Mosque, and will be half way between the Prophet’s Mosque and Al-Meeqat and Quba mosques.
It will consist of 20 administrative towers and 80 residential towers more than 30 stories high. It will have a monorail station, restaurants and shops. There will also be a luggage transportation station where pilgrims and visitors can hand over their luggage and receive it when they reach their destinations in their home countries.
The project will have a 400-bed hospital and catering facilities. The administrative towers will have offices for Haj delegates, companies, travel agencies, medical delegates and a number of other dedicated services.
The project will also allow 15 percent participation by the private sector in long-term investments.
Around 120,000 pilgrims well be accommodated in over 40,000 rooms in 76 four- and five-star hotels. The administrative towers will accommodate around 31,000 employees and will have mosques that can accommodate 15,000 worshipers.
The transport station will take around 84,000 pilgrims to and from the Prophet’s Mosque via a monorail.