Development and infrastructure works on Makkah’s western district project, which will include 43 residential neighborhoods, will commence soon after the Haj season, said Makkah Mayor Osama Al-Bar.
“The secretariat of Jeddah will rely on investment funds to finance this project,” explained Al-Bar. “We hope the development of the western district will become synchronized and integrated in order for us not to get involved in issues such as land equities and trading.”
Al-Bar, who is also the chairman of Al-Balad Al-Ameen Company, said a memorandum of understanding was recently signed between Dyiar Al-Balad, Adeem Capital Company and Retaj Company to establish Shariah-compliant funds for the establishment of the Retaj district, one of the first projects within Makkah Gate.
The Retaj district, he said, will constitute an integrated and comprehensive residential project to accommodate employees of the service sector in the central area of the Grand Mosque.
“It is a pioneer urban project and part of a bigger plan to develop the holy capital in partnership with the private sector,” explained Al-Bar.
“We are embarking on giant development projects in the Western district, including a housing project for employees, an alternative housing project, an affordable housing project and an apartment project that should bridge the gap in rental apartments in Makkah.”
He added that it is hard to define the funds necessary for each individual project when considering the specifications of each housing project.
Abdullah Seraj Al-Deen, the CEO of the Al-Balad Al-Ameen Company, the investment arm of Makkah’s municipality, said that the Retaj district is allocated for employees only. “The project will be implemented in stages that extend to three years at a combined cost of SR1.4 billion.”
“We intend to embark on the establishment of a second project for affordable housing following the completion of the first project, entitled ‘Wahat Makkah’,” he said.
Source : Arab News