MADINAH: The SR200 million Madinah Global Academy (Madak) project will be ready for grades one to three at the start of the new academic year, according to a report in a local publication on Wednesday.

Madinah Gov. Faisal bin Salman had earlier launched the project covering an area over 100,000 square meters under the umbrella of the SR500 million Madinah Education Endowment Project.

Education costs would be cheaper than other private ventures, and will cater to 1,600 students. Education will be provided for grades four and above over the next few years, according to two members of the project, Yousif bin Abdulsattar Al-Maymani and Abdulqader bin Othman Hafiz.

The project was unveiled Sunday in Madinah after members met with young businessmen who had participated in the Jeddah Economic Forum from the Kingdom and Gulf Cooperation Council countries. Others present included businesspeople from Turkey and Malaysia.

The meeting included a presentation about the importance of Madinah in the world since the time of the Prophet (peace be upon him). The cultural history of the city and investment opportunities were also outlined.

There was a briefing on major projects including the Madinah Development Venture, and a specialist hospital, which is linked to international partners. Participants praised Prince Faisal for his efforts to promote the city.

Al-Maymani, in his speech, said the city was focused on adopting new ideas and empowering the youth. He said Prince Faisal had introduced several new ideas to enhance the social and economic status of the city for the benefit of citizens and expatriates.

Abdullah bin Omar Hafiz, chief executive officer of the project, said the aim was to equip students with modern skills and knowledge, and support the role of Arabic in the education process. The project includes complexes for boys and girls, community centers, a theater, a mosque, sports stadiums, museums, and other facilities to help teachers.