RIYADH,UAE, October 2, 2017 /PRNewswire/ --
- Company will reinforce Al Madinah's position as an international Islamic destination
- The project will increase capacity for pilgrims and visitors to the holy sites, enriching spiritual and cultural experiences
The Public Investment Fund (PIF) has announced the establishment of Rou'a Al Madinah, a company that will deliver projects designed to increase capacity for pilgrims and visitors to the Prophet's Mosque, whilst also enriching spiritual and cultural experiences across the holy city of Al Madinah.
(Photo: http://mma.prnewswire.com/media/565606/PIF_2.jpg )
The company's establishment is in line with Vision 2030, which aims to provide an opportunity for the largest possible number of Muslims to perform Hajj and Umrah, and to enrich and deepen their experience through the development of the two Holy Mosques.
Preliminary estimates indicate that the total number of annual visitors to Al Madinah will increase to 23 million by 2030. The company aims to develop a 1.3 million square meter site no more than 1,000 metres away from the east wing of the Prophet's Mosque. The project will see the development of 500 new housing units and 80,000 hotel rooms, increasing hotel capacity to receive 240,000 guests per day, in addition to increasing the number of prayer areas to accommodate 200,000 worshipers per day.
The company's activities will include the development of hotel, commercial and residential projects, as well as the development of cultural centres and museums to enrich Al Madinah's religious, cultural and historical offerings. The company will broaden opportunities for investment and private sector participation through the development of strategic partnerships.
The project will also take into consideration the sacred nature of the Prophet's Mosque, and create a comprehensive system for pedestrian passages separated from the movement of vehicles, as well as update the public transport stations at the end of the pedestrian passages.
The projects will create around 200,000 job opportunities, with an estimated annual contribution to GDP of SAR 7 billion.
Initial preparation works are currently underway, with construction due to start in 2018. The first phase of the project is anticipated to launch in 2023.
SOURCE Public Investment Fund (PIF)