Red Sea International secures Madinah site for mixed-use project

Summary:

Saudi Arabia's Red Sea International Company has secured a 50-year lease for a 63,088-sq-m plot in Madinah from the Al Madinah Al Munawwarah Municipality for a mixed-use development project. The investment contract was approved via the government's Furas platform. The lease, signed on July 1, is valued at SAR161.95 million ($43.2 million) and is located at the intersection of Omar Bin Al-Khattab Road and Abdul Harith Bin Zaid Al-Dhabi Road.