The SR 325 million ($87 million) project calls for the construction of three residential buildings and two hotels under the second phase of the multi-phased Mecca International Market scheme. The 20-floor residential towers will feature 504 apartments, priced at SR 320,000 ($85,000) each and aimed at medium-income buyers. The contractor for the SR 175 million ($45 million) residential complex is the local ZuheirA Zahran Contracting Company.

A contractor will be appointed within six months for the estimated SR 150 million ($40 million) contract to build two four-star hotels.

Both the hotels and the apartment buildings will be directly linked to one of the kingdom's largest shopping malls, built on the same 60,000-square-metre plot of land and completed in 2000 as part of the first phase of the Mecca International Market scheme.

The local Rikaz Development Companywill market the residential units, while the hotels will be managed by an international hotel management chain, due to be appointed before the end of the year.

The developers and regional investors will provide financing for the project. The financial adviser is the local Financial Transaction House.