Rua Al Madinah Holding signs deals worth $160m at PIF Private Sector Forum

Special Rua Al Madinah Holding signs deals worth $160m at PIF Private Sector Forum
Ahmed Al-Juhani, CEO of Rua Al Madinah Holding (AN)
Short Url
Updated 16 March 2023

Rua Al Madinah Holding signs deals worth $160m at PIF Private Sector Forum

Rua Al Madinah Holding signs deals worth $160m at PIF Private Sector Forum

RIYADH: Rua Al Madinah Holding has signed four contracts with Saudi companies worth SR600 million ($159.76 million) during the Public Investment Fun’'s Private Sector Forum.

The agreements come as part of the firm’s effort to achieve the Vision 2030 objective of enabling the Muslim world’s holy city, Madinah, to host 30 million visitors annually by 2030.

Ahmed Al-Juhani, CEO of Rua Al Madinah Holding, signed two of the four contracts, including one with Khaled Al Babtain, the chairman of Al Babtain Contracting Co.. 

That deal will see the firm design and build four power substations that will provide power to the Rua Al Madinah Project.  

Al-Juhani told Arab News that deals bring the total value of contracts currently under execution to almost SR5 billion.

He added: “We have a total of four substations. They are at the level of 110 KV and also we signed another contract for the excavation and early work for the first superblock which has 18 tower buildings and those buildings will actually host the first hotel superblock in Rua Al Madinah.” 

The second contract was signed with Ahmed Awdah Al Biladi, the CEO of Awdah Al Biladi & Sons Contracting Co., to undertake the preliminary work on superblock 5. 

The contract covers excavation, dewatering, and reinforcement, with work set to begin from mid-March.

Al-Juhani assured that the project is on schedule for developing a fully integrated hotel ecosystem with urban and commercial centers on the east side of the Prophet’s Mosque while elevating the sanctity and spirituality of Madinah, with modern designs that evoke the city’s heritage and encompass a multitude of historic landmarks where Prophet Mohammed and His Companions once lived. 

“Right now the infrastructure is underway.. We have executed more than 15 percent of the infrastructure work, and there are more than 12,000 rooms under design, which is actually a total that represents about 25 percent of the Rua Al Medina Project. This will include a total of 47,000 rooms by 2030 with a focus to reach the delivery of the project in a timely manner.” 

The third contract, which was signed by Ayman bin Rashid Al Waleedi, executive director of project development, will see AESG  appointed as safety and fire systems consultant, in coordination with the Civil Defense Department, to review and approve designs throughout the design phase, and issue and conformity certificate upon completion of construction works.  

The final deal was agreed between Al-Waleedi and Abdul-Aziz Al-Assaf, the CEO of Zuhair Fayez Partnership, through which the consultant will review and approve engineering designs in accordance with the Saudi construction code, and will also issue the construction permits and completion certificates. 

Executives from Rua Al Madinah Holding participated in the Private Sector Forum to exchange ideas and experiences and explore ways to collaborate with their counterparts at PIF, its portfolio companies, and other executives from the private sector, as well as to gain insights into the fund’s latest programs.