Emir of Madinah Prince Salman bin Sultan inaugurated on Monday the first phase of Madinah Gate project, which is based on the concept of Transport-Oriented Development (TOD). The first phase of this modern model of integrated urban planning project is estimated to have investments amounting to SR600 million ($160 million).
The inaugural ceremony witnessed a video presentation about the Madinah Gate project, which is directly linked to the Haramain High Speed Rail Station, and includes three main components — Hotel Double Tree by Hilton, with a total of 325 hotel rooms, in addition to 80 retail stores, 44 restaurants and entertainment facilities, apart from a modern bus station with a capacity of up to 780 passengers per hour.
Amin Shaker, chairman of the Board of Directors of the Knowledge Economic City, said that the launch of the Madinah Gate project is an important moment that embodies the company’s commitment to achieving the goals of Vision 2030 by providing sustainable and advanced urban solutions. “This project is a real estate development with a strategic step aimed at enhancing the status of Madinah as a global destination for visitors, through an integrated infrastructure that contributes to raising the quality of life,” he said.
According to Shaker, the Madinah Gate project is the result of cooperation between Saudi Railway Company (SAR) and Knowledge Economic City with the support of the region’s emirate, Madinah Development Authority, and the Madinah Mayoralty, and it is under the direct supervision of the Economic Cities Special Zones Authority. “It is the first among the company’s projects in the southern region adjacent to the train station, and is integrated to form a series of projects that serve the Vision’s goals for the hospitality, housing, entertainment, shopping and cultural sectors to serve visitors to Madinah,” he said.
The Madinah Gate project falls within the scope of the largest project, Knowledge Economic City. It is a real estate project that includes a number of urban elements, in addition to the presence of more than 22 thousand square meters of rental space, and a 4-star hotel that provides 325 rooms, in addition to a logistics area of great importance, with investments amounting to SR600 million for the first phase.
The total area of the first and second phases of the project is about 37000 square meters, and that includes rental spaces estimated at about 22000 square meters
