Real Estate Saudi’s Rua Al Madinah project to add 47,000 hotel rooms by 2030 By Pramod Kumar August 25, 2022, 5:45 AM RUA Al Madinah Holding The project will cover 1.5 million square metres of land east of the Prophet’s Mosque, adding over 47,000 hotel rooms by 2030 Saudi Arabia’s Crown Prince Mohammed bin Salman has launched the infrastructure works and master plan for the Rua Al Madinah project, the state-owned Saudi Press Agency (SPA) reported. The project will cover 1.5 million square metres of land east of the Prophet’s Mosque, adding over 47,000 hotel rooms by 2030. Almost 83,000 square metres of the master plan will consist of green areas, comprising 63 percent of the total project area. The project is being developed and implemented by Rua Al Madinah Holding Company, which is owned by the Public Investment Fund (PIF), specialises in the development, operation, and real estate investment in Madinah. The crown prince, also chairman of the Council of Economic and Development Affairs and PIF, said that the project will help increase the number of Umrah pilgrims it can host to 30 million by 2030. The project will provide many integrated transportation solutions, including nine bus stations for visitors, a metro station, tracks for self-driving vehicles, and underground parking. These are being introduced to facilitate visitor access to the Prophet’s Mosque and will support residential and commercial activity while helping create many job opportunities, SPA reported.
Finance Bahrain’s Investcorp agrees to buy Italy’s Epipoli Bahrain’s Investcorp has finalised a deal to acquire Epipolia, an Italy-based alternative payments company. The asset will be purchased from London-headquartered private equity Bregal Milestone and Epipoli founder and CEO Gaetano Giannetto. Giannetto will continue to hold a significant minority stake and lead the company. No terms of the transaction were disclosed. Epipoli owns the […] 4 hours ago
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