Rua Al Madinah inks $187m development works contracts
MADINAH (Saudi Arabia), January 10, 2024
Rua Al Madinah Holding has signed contracts worth over SAR700 million ($187 million) as part of its efforts to enhance local content, support small and medium enterprises as well as boost local manufacturing and human capabilities, and help create direct and indirect job opportunities.
A wholly-owned unit of Saudi sovereign wealth fund PIF (Public Investment Fund), the company undertakes holistic development projects that use modern urban planning in projects such as “Rua Al Madinah”, which is enhancing the experience of residents and visitors of Madinah.
The first contract involves completing the existing towers in the Dar Al Hijra project, with a built-up area exceeding 450,000 sq m. The scope of development includes implementing facade work for the existing towers, their infrastructure, and overall site development to prepare them for investment.
The second contract was signed by Rua Al Madinah with a security expertise firm in the field of security planning, operation, and supervision.
The deal is aimed at securing the company’s offices, properties, project boundaries, and ensuring the smooth execution of security plans by supervising security contractor teams.
Additionally, the company will provide technical support by reviewing submitted security plans to ensure they meet security requirements.
The third contract was sealed with Saudi telecom giant stc for the implementation of the Rua Smart Cities Strategy.
A key initiative, it is aimed at enhancing the smart destination experience for visitors to the Rua Al Madinah project and also improving their quality of life within the company’s hotels and locations using advanced digital technologies, IoT-supported by artificial intelligence, and enhancing data efficiency.
Rua Al Madinah Holding also signed a MoU with the Saudi Industrial Cities and Technology Areas Development Authority (Modon) to co-ordinate the construction of a prefabricated concrete building units factory.
The agreement includes conducting feasibility studies and action plans for the targeted projects, supporting business development by attracting value-added partnerships, and providing support and advice in implementing projects that serve the goals of both parties.
The deals were inked at the Medinah Forum for Industry and Local Content held under the patronage of Prince Faisal bin Salman bin Abdulaziz, the Governor of the region.
The event is aimed at strengthening the competitive capabilities of Medinah’s products and services, as well as its status as an attractive destination for real estate investment by supporting investment opportunities and localizing promising national industries.
Speaking at the event, CEO Ahmad bin Wusul Al Juhani stressed upon the importance of the signed contracts in supporting the company’s projects, especially the Rua Al Madinah project, the largest in its portfolio. The project aims to provide 47,000 hotel rooms by 2030.
Rua Al Madinah, he stated, was actively working on several ambitious projects. "The goal is to enrich the experience of the visiting pilgrims to Madinah and help achieve the targets of the pilgrimage, Umrah, and visitation sector, and Vision 2030 by facilitating the hosting of 30 million pilgrims by 2030," he added.-TradeArabia News Service
