RIYADH: Saudi Arabia’s hospitality sector is on track to prosper thanks to new contracts worth over SR300 million ($79.9 million) signed by a Public Investment Fund subsidiary. The two deals, which were inked during Rua Al Madinah Holding’s participation in the second edition of the PIF Private Sector Forum, were sealed with global expertise houses in the field of designs, engineering consultations, and supervision of a number of hotels, the Saudi Press Agency reported. This move aims to bolster partnerships between the fund’s affiliated companies with the private sector in an attempt to achieve growth of the local economy in the Kingdom. It is also expected to enhance the position of Madinah as a prestigious destination with a modern architectural system, characterized by a high quality of life and a rich cultural experience. The first contract, which was concluded with US technical professional services firm Jacobs Solutions, includes providing design services for 12 hotel brands in the fourth urban settlement of the company’s giga-project Rua Al Madinah. It will also entail large areas to support the establishment of restaurants and cafes, managed by a number of international operating companies. Under the terms of the second contract, KEO International Consultants will supervise the implementation of Rua Al Madinah’s fifth urban complex and deliver it in accordance with the highest international standards and specifications targeted by the project. Ahmed Al-Juhani, the CEO of the company, explained that 25 percent of the infrastructure work for the project has been completed. The firm seeks the help of pioneers and experts in the real estate field in all its sectors to provide a unique experience for visitors and guests, Al-Juhani explained. Launched by Crown Prince Mohammed bin Salman in August 2022, the Rua Al Madinah project is expected to add SR140 million to the Kingdom’s gross domestic product upon its completion, Al-Juhani said at the time. The CEO also added that the project will create 93,000 direct and indirect job opportunities, while allowing recruitments throughout the construction and development phase until 2030, Al-Ekhbariya TV reported at the time. The project spans 1.5 million sq. m. of which 63 percent will be open and green spaces and features 47,000 hotel rooms.