Madinah, February 07, 2024, Rua Al Madinah Holding has unveiled ambitious plans for the development of its Rua Al Madinah project, with the announcement of two significant contracts totaling more than SAR 300 million. These contracts, signed with esteemed international design, engineering consultation, and supervision consultancy firms, mark a major milestone in the progression of the project's fourth and fifth Super Blocks.
The agreements were formalized during the PIF Private Sector Forum, a prestigious event held on February 6-7 in Riyadh, aimed at fostering collaborations between PIF-affiliated companies and the private sector to drive local economic growth.
According to the press release issued by Rua Al Madinah Holding, the company showcased numerous investment opportunities at the forum before finalizing the pivotal contracts. One contract, signed with Jacobs, entails the provision of design services for 12 hotel brands within the fourth Super Blocks of the Rua Al Madinah project. This segment is poised to become a standout feature of the development, boasting over 8,000 rooms and extensive spaces dedicated to restaurants and cafés managed by renowned global operators.
The second contract, awarded to KEO International Consultants, signifies their crucial role in overseeing the implementation of the fifth Super Block. Their mandate includes ensuring adherence to the highest international standards and specifications, in line with the project's overarching objectives.
CEO Eng. Ahmed W. Al Juhani expressed pride in the progress achieved thus far, highlighting that 25% of the infrastructure works for the Rua Al Madinah project have already been completed. Al Juhani reiterated the company's unwavering commitment to establishing a comprehensive urban and developmental system, emphasizing the importance of collaboration with industry leaders and real estate experts to deliver an unparalleled experience for visitors and guests.
The Rua Al Madinah project, a cornerstone venture for Rua Al Madinah Holding, encompasses an expansive area spanning 1.5 million square meters. It aims to provide a staggering 47,000 hospitality units and accommodate approximately 149,000 visitors by 2030. This ambitious initiative aligns seamlessly with the objectives of the Hajj and Umrah sector, as well as with the overarching vision outlined in Saudi Vision 2030, which seeks to position the Kingdom as a global hub capable of hosting 30 million visitors.
