Construction of a Hotel in Madinah Al Munawarah, Saudi Arabia
Al Bayan Foundation
The objective of the project is to generate a regular income for Al Bayan Foundation that will serve to enhance its activities and operations in the educational field in Saudi Arabia. This will be achieved through the construction of a 4-star hotel, having two basements for car parking and 12 floors for rooms with a total construction area of 8,500 m². The project land has an area of 612.85 m².
Al Bayan Charitable Foundation is the Beneficiary and Executing Agency of the project. It was established as a non-for-profit foundation and registered under the Ministry of Education in Saudi Arabia.
The Foundation is currently managing Prince Muqrin Bin Abdul Aziz University, which was established in 2014 and is registered as a non-profit university.
The total cost of the project is estimated at US$ 37.0 million. IsDB will finance part of the cost of the project for an amount of US$ 8.80 million (APIF: US$ 4.4 million and APIF Line: US$ 4.4 million). The remaining amount of US$ 28.20 million (including US$ 26.1million value of land) will be contributed by the Beneficiary.