Rua Al Madinah inks SAR 8B contracts, 25% of infrastructure work finished: CEO

Rua Al Madinah Holding CEO Ahmed Al-Juhani

Rua Al Madinah Holding, a subsidiary of the Public Investment Fund (PIF), has signed SAR 8 billion worth of contracts, mostly with local suppliers, since the launch of the Rua Al Madinah project in August 2022, Asharq News reported, citing CEO Ahmed Al-Juhani.

The local content accounted for around 60% of the company’s projects, said Al-Juhani, adding that 25% of the project infrastructure was complete.

During the second PIF Private Sector Forum, the company inked two contracts: the first one was concluded with US technical professional services firm Jacobs Solutions to provide design services for 19 hotel towers, 12 hotel brands and over 8,000 rooms in the fourth urban settlement of the company’s giga-project Rua Al Madinah.

The second contract was sealed with KEO International Consultants to supervise the implementation of Rua Al Madinah’s fifth urban complex, which increases the project design capacity to over 20,000 rooms.