ISLAMABAD: Madinah Governor Prince Faisal bin Salman launched a massive real estate project the other day, which is estimated to cost SR55 billion.
The project, comprising 100 residential towers with four-star to five-star hotels, will accommodate more than 120,000 people. The state-owned Public Investment Fund is financing the project, Arab News reported.
Finance Minister Ibrahim Al-Assaf, Haj Minister Bandar Hajjar and other senior government officials attended the launching ceremony. The project will create an additional 40,000 rooms near the Prophet’s Mosque in Madinah to meet the needs of visitors.
The Ministry of Finance revealed that the project, named Dar Al-Hijrah, is being built on an area covering 1.6 million square meters, adding that it would take two years to complete.
According to the ministry, the project will also include 76 four-star hotels and six five-star hotels offering rooms for 40,000 people. The government offices are designed to accommodate 31,000 employees.
The project will also house a 400-bed hospital. A railway station would also be built to transport up to 84,000 pilgrims daily to and from the Prophet’s Mosque on lines elevated above the streets and bus station.
The project would be implemented over three phases, the ministry said. The project site has already been handed over to contractors. The project is part of projects ordered by Custodian of the Two Holy Mosques King Abdullah to expand and upgrade the Prophet’s Mosque and surrounding areas.
Source : APP