The Saudi Commission of Tourism and National Heritage (SCTH) finalized the framework for a 10 mn square-meter project in Taif, Saudi Arabia, the Saudi Press Agency (SPA) reports.

Souq Okaz is valued at total investments exceeding SAR 8 bn, 11% of which will be pumped by the government and 89% by the private sector.

The project will feature various cultural and entertainment facilities as well as a conference center. The first phase of the project, to be completed in 2020, will be implemented at a total investments of SAR 2 bn.

The National Transformation Program (NTP) has allocated SAR 815 mn for the project, including infrastructure works, cultural, entertainment, and educational developments. The project will also include public-private partnerships at a total investment value of over SAR 7 bn.

The SCTH, in coordination with other government entities, will carry out five main projects, including museums and conference centers, among other 18 developments in partnership with private companies to comprise entertainment parks, shopping malls, hotels, schools and sports centers.