Saudi unveils $14bn Madinah residential development
Riyadh, June 30, 2014
Saudi Arabia is set to develop a mammoth housing project in Madinah at a cost of SR55 billion ($14.4 billion) on a 1.6 million sq m area, said a report.
The project, a brainchild of the Public Investment Fund (PIF) of the Ministry of Finance, will be executed in two phases and is expected to be completed within two years, reported the Al-Madinah daily.
The first phase will involve infrastructure preparations 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 Hajj season, it stated.
The project will boast of 20 administrative towers and 80 residential towers (each over 30-storey high) besides a monorail station, restaurants and shops. It will also house a 400-bed hospital and catering facilities.