Madinah Municipality launches project to build, operate hospitality, retail assets in central area

Logo of Madinah Municipality

The Municipality of Mahinah launched the central area plot development project to build, operate and maintain hospitality and retail assets.

The plot is located in Al Naqaa neighborhood near the central area of Prophet’s Holy Mosque on the south/southwest side, the Municipality said in a statement of which Argaam received a copy.

The project, spanning 3,550 square meters, will be tendered as BOT (build-operate-transfer) contract, and will be offered in two phases. The first phase is to qualify applicants, while the second is where qualified developers, consortiums or consortium developers will compete to win the project and establish both a hotel and a retail area.

The Municipality invited all interested investors to review the expression of interest (EOI) document, which contains general information about the project, on the websites of Madinah Municipality or NCP, or the Municipal Investment Portal “Opportunities”. EOI should be submitted no later than Sunday, Feb. 14, 2021.

The project was launched after receiving the necessary approval from the Municipalities Privatization Supervisory Committee. All necessary studies for the project have been completed by the Ministry of Municipalities and Rural Affairs with support from National Center for Privatization & PPP (NCP).

The project is the third PPP initiative to be launched in the municipal sector under the privatization program; the first was a PPP for a Car Park Construction & Management Project in Riyadh and the second was Waterfront Development Project in Al-Khobar.