Al Madinah newspaper has reported that the Public Investment Fund (PIF) of the Ministry of Finance will be launching the largest housing project in the Kingdom worth SR55bn.
The development will consist of administrative and residential towers and is set to be executed in two phases.
Expected to be completed in two years, the development will be constructed in a 1.6 million square metre area, located at the south of the Prophet’s Mosque, and half way between it and Quba mosques.
The project will consist of 20 administrative towers and 80 residential towers over 30 stories high. It will have a monorail station, restaurants and shops.