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 present their studies and final designs of the project to the Makkah Development Authority for approval shortly. 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 real estate properties in the area will participate in the company, either by offering their land or selling them to investors," Qurashi told Al-Eqtisadiah business daily, a sister publication of Arab News. He said the new company would float its shares for public subscription.
