Hundred and fifty-three new residential towers will be constructed in Makkah under a major housing project, which is estimated to cost SR14 billion, according to Saad bin Jameel Al-Qurashi, a businessman.
He said three international consultancy offices would shortly present their studies and final designs to the Makkah Development Authority for approval. The project is designed to accommodate 350,000 pilgrims.
Qurashi said the residential towers would cover an area of 1.2 million square meters in Misfala neighborhood in the central region of the Holy City, adding that a joint stock company would carry out the project.
"Owners of the local properties will participate in the project, either by offering their land or selling them to investors," Qurashi told the Al-Eqtisadiah business daily, a sister publication of the Arab News. He said the new company would float its shares for public subscription.
