Madinah Municipality has invited expressions of interest from leading investors for the Central Area Plot Development Project in Al Naqaa neighbourhood within the Saudi city on a build-operate-transfer basis, it has announced.
According to a statement from the municipality, the scope of work includes construction, operation and maintenance of hospitality and retail assets on a 3,550 sqm area. Additionally, this is the third PPP initiative to be launched in the municipal sector under the Saudi privatisation programme.
The Municipality also noted that the project, which is located on the southwest side of the Makkah mosque, will be offered in two phases: the first for qualification of applicants and the second for qualified developers, consortiums or consortium developers to bid for the project and also for establishment of both – a hotel and a retail area.
According to the statement, the project has been launched to the market after receiving the necessary approval from the Municipalities Privatisation Supervisory Committee.
All necessary studies for the project have been completed by the Ministry of Municipalities and Rural Affairs with support from National Centre for Privatisation & PPP, it added.