RIYADH: A mega mixed-used real estate development in Madinah is already more than 10 percent finished despite only being announced five months ago, according to the man responsible for its construction.
Rua Al Madinah Project will span 1.5 million sq m. — of which 63 percent will be open and green spaces — and feature 47,000 hotel rooms.
It was announced by Crown Prince Mohammed bin Salman in August 2022, and speaking at the Real Estate Future Forum taking place in Riyadh on Jan. 23 Ahmed Aljuhani – CEO of Rua Al Madinah Holding – gave an update on its progress.
“Through our project, we will provide 50 percent of the market’s needs,” he added.
Aljuhani noted that the scheme was created to develop the private sector, and more importantly enhance the experience of the 30 million visitors that the project is expected to accommodate in Al-Madina by 2030.
In addition to helping achieve the goals of the Hajj, Umrah, and travel sectors outlined in Saudi Vision 2030, the development is set to revive the city’s cultural and architectural heritage.
It will also boast nine bus stops, a metro station, tracks for self-driving vehicles and underground parking, all of which will provide easy access to the mosque and the surrounding residential and commercial developments.
Rua Al Madinah company has also been proclaimed as the sustainable partner of the forum, according to a recent press release.
“We are delighted to serve as a sustainable partner of this key annual event, which has become an important platform for dialogue,” stated Aljuhani in the press release.
“Our company is committed to the goals of the forum and we look forward to positive outcomes that will help the company apply smart solutions across its future projects. These include initiatives that place smart-city sustainability at their core to assist in achieving the objectives of Vision 2030’s Quality of Life Program.
The second edition of Real Estate Future Forum is seeing participation from more than 30 countries and 100 speakers representing the public and private sectors.
Real estate experts are expected to work on attracting real estate investors into the country, examine the obstacles facing the sector, as well as find ways to utilize the technological upgrades in favor of the real industry in Saudi Arabia.