The Custodian of the Two Holy Mosques directed the General Investment Authority to work in coordination with large national companies to establish an investment body for the development of the land belonging to the King Abdullah Foundation for Social Housing, east of Medina Al Munawarah, into a development serving visitors and residents of Medina and a national and world landmark. The City will highlight economic development through reliance on knowledge-based industries. A museum and market area, in addition to world-class tourist facilities will bolster its role as center of tourism, while the creation of a modern commercial area will to serve Medina residents and visitors and help reduce pressure on the central area of the city. In addition, a distinctive residential area for those wishing to work, invest and stay next to the Prophet's Mosque (PBUH), will be built. The city is expected to attract investments worth 30 billion riyals and provide more than 20,000 new jobs.
Last Modified Date: 02/06/2015 - 9:09 AM Saudi Arabia Time