Tuesday 9 March 2021

EoIs invited for Madinah hospitality, retail assets development

MADINAH, January 25, 2021

Madinah Municipality has invited expressions of interest from leading investors for the Central Area Plot Development Project in Al Naqaa neighbourhood within the Saudi city on a BOT (build-operate-transfer) basis. 
The scope of work includes construction, operation and maintenance of hospitality and retail assets on a 3,550 sq m area.
The municipality said the project, which is located on the south/southwest side of the Makkah mosque, will be offered in two phases: the first for qualification of applicants and the second for qualified developers, consortiums or consortium developers to bid for the project and also for establishment of both, a hotel and a retail area.
This project has been launched to the market after receiving the necessary approval from the Municipalities Privatization Supervisory Committee, the civic body said in a statement. 
All necessary studies for the project have been completed by the Ministry of Municipalities and Rural Affairs with support from National Center for Privatization & PPP (NCP), it added. 
This is the third PPP initiative to be launched in the municipal sector under the Saudi privatisation programme. The first one was a PPP for a Car Park Construction and Management Project in Riyadh followe by the Waterfront Development Project in Al Khobar.-TradeArabia News Service


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