Saudi Arabia’s National Centre for Privatisation & PPP (NCP) announced on Thursday that Al Madinah Regional Municipality in collaboration with the Ministry of Municipalities and Housing, has launched the Expressions of Interest (EOI), Request for Qualification (RFQ) and Request for Proposal (RFP) stages for the Sikkah Al Hadid joint development project.

The project will be implemented under a public-private partnership (PPP) model using Build-Own-Operate-Transfer (BOOT) contract with a concession period of 50 years.

The Sikkah Al Hadid project involves the redevelopment of an 84,657-square-metre government-owned site located west of Al Madinah Al Munawarah into an integrated mixed-use destination.

According to the announcement, the site allows for buildings of up to 20 floors and benefits from strong road connectivity, providing easy access for residents, visitors and businesses.

The development is expected to complement nearby residential projects being developed by National Housing Company (NHC) and support population growth within a five-kilometre radius.

NCP said local and international developers, operators, financial institutions and investors are invited to participate in the tender process.

Interested parties can review project details on the NCP website, with the deadline for submission of applications set for 23 June 2026.

Interested investors may apply for the project through the Furas platform via the following link: https://furas.momah.gov.sa/ar/opportunity/01-26-003001-26001?type=Investment

Saudi Arabia’s National Privatisation Strategy, which builds on the Privatisation Programme launched in 2018, is targeting $64 billion in private-sector capital investment by 2030, as part of the Kingdom's drive to expand public-private partnerships (PPPs), enhance the quality of infrastructure and public services, and drive sustainable growth.

(Writing by Deva Palanisamy; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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