Project to include 80 residential towers, 20 commercial towers, one hospital
A real estate project worth $14.7 billion is underway in Madinah. 100 towers to accommodate up to 120,000 people will be built as part of the project, which is being financed by the state-owned Public Investment Fund.
The project will be implemented over three phases, with foundation work due to be undertaken during the first phase. The residential buildings will be constructed in the third phase. The Saudi Arabian Ministry of Finance revealed that the project is named Dar Al-Hijrah, according to Arab News.
Expected to be completed by 2016, the development is being built across a 1.6 million sqm large area, which has already been handed over to contractors. Each of the 100 towers will include 30 floors; 80 towers will be used for residential purposes, and the other 20 will be set aside for administrative operations.
76 four-star hotels and six five-star hotels to accommodate 40,000 people will also be constructed as a part of the project. Furthermore, a 400-bed hospital and a railway station to transport pilgrims to the Prophet’s Mosque will also be constructed.