The Public Investment Fund (PIF) of the Saudi Arabian Ministry of Finance will soon commence construction works on the SAR55bn ($14.6bn) housing project in Madinah.
The housing project, which aims to revive social and financial well-being for residents of Madinah, includes the development of 20 administrative and 80 residential towers, Zawya reports quoting Al-Madinah daily.
The project will be built on a 1.6 million m² area south of the Prophet’s mosque, halfway between it and Al-Meeqat and Quba mosques.
The construction work is planned to be developed in two phases and is scheduled for completion within two years.
The first phase will include preparing the required infrastructure for the project at a cost of SAR12bn ($3.1bn).
Phase two will see construction of the towers, which will be more than 30 stories high, before the up-coming Haj.
The administrative towers will house mosques for 15,000 worshippers and offices for Haj delegates, companies, travel agencies and medical delegates.
Overall, the administrative towers will house around 31,000 employees, and have the capacity to accommodate around 120,000 pilgrims in more than 40,000 rooms of its 76 four and five-star hotels.
Additionally, the project will have a 400-bed hospital, catering facilities, restaurants, shops, a monorail station and a luggage transportation station, where pilgrims can hand over their luggage and receive after reaching their destinations.
The monorail will be able to carry around 84,000 pilgrims to and from the Prophet’s mosque.
The project will allow a 15% participation by the private sector in long-term investments.