Saudi Arabia launches Rua Al Madinah Project
20/09/22
Saudi Arabia recently unveiled the Rua Al-Madinah masterplan - a mega real estate development near the Grand Mosque.
The project will be developed by the Rua Al-Madinah Holding Company, a Public Investment Fund (PIF) affiliate that specialises in development, operation and real estate investment. The blueprint forms an important part of the PIF’s efforts to develop promising sectors in line with the Saudi Vision 2030.
In total, the venture targets 47,000 hospitality units and will add SAR 180 billion (USD 48 billion) to the gross domestic product (GDP) once completed in 2030. Furthermore, it will create a total of 93 thousand direct and indirect job opportunities.
Importantly, the plans will help increase the hosting capacity for Umrah pilgrims to 30 million over the next years according to the Saudi Press Agency. In addition, it will feature 63% of sustainable green spaces which will facilitate ease of movement for visitors and worshippers.
It will also boast a metro station, nine bus stops, self-driving vehicle tracks and underground parking. These transportation options will provide easy access to the mosque and the surrounding residential and non-residential or commercial developments.
The project will display many historical monuments and will strengthen the city of Madinah’s status as a modern Islamic and cultural destination for pilgrims, while improving the quality of life for the city’s residents.
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