Saudi’s Rua Al Madinah Holding signs agreements for hotels, support offices in Madinah

Rua Al Madinah Holding, a wholly owned unit of Saudi’s Public Investment Fund (PIF), and developer of Rua Al Madinah project in Madinah, announced on Tuesday that it has signed five major agreements on the side lines of Medina Expo (Medex 2022). The new agreements encompass the design of several hotels and the Islamic Civilization Village, as well as the opening of a support and coordination office in collaboration with the Municipality of Madinah and Al Madinah Region Development Authority that will help to secure construction permits for the company’s projects, according to the company’s press statement. Rua Al Madinah Holding also signed an agreement for the opening of an office in collaboration with the Civil Defence that will scrutinise and approve fire prevention requirements at all of the project’s buildings and facilities. Rua Al Madinah project aims to consolidate Madinah's position as a modern Islamic and cultural destination, and boost the Kingdom’s Hajj, Umrah and travel sectors. Ahmed bin Wasl Al Juhani, the company’s Chief Executive Officer, said the hotel design agreements would add over 7,000 hotel rooms to existing designs, contributing to a total of 12,000 rooms that will encompass over 25 percent of the Rua Al Madinah Project. The Islamic Civilisation Village, which is set to be built over 226,000 square metres on the north side of Rua Al Madinah project, will reflect multiple aspects of the Muslim world. The village is designed to serve as a learning and recreational centre that will house a variety of museums, retail outlets, edutainment facilities, restaurants, and landscapes. In August, the Crown Prince had launched the infrastructure works and unveiled the master plan for the project, which involves the rehabilitation of 1.5 million square metres in the area east of the Prophet’s Mosque and the addition of more than 47,000 hotel rooms by 2030. (Writing by Eman Hamed; Editing by Anoop Menon) (anoop.menon@lseg.com)

Saudi’s Rua Al Madinah Holding signs agreements for hotels, support offices in Madinah

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