Saudi Arabia has started working on its mega heritage tourism project Souq Okaz City in Taif, at an estimated cost of more than USD 2 bn, Invest-Gate reports.

Spreading across about 10 mn square meters in the new Taif city, the project is set to feature museums, recreational areas, hotels, schools, and a convention center, generating more than 15,000 jobs, with 80% of them will be offered to young Saudis, according to the Saudi Commission for Tourism and National Heritage (SCTH).

The development is expected to be one of the largest predominantly privately funded projects of its type in the Kingdom – accounting for almost 90% of its expected USD 2 bn cost.

The development plan includes five main public-sector projects that comprise interactive learning museums, an Okaz Museum, and an exhibition and convention center to host festivals, heritage events, poetry, and theater fairs throughout the year, the SCTH’s statement adds.

“The 18 main projects earmarked for the private sector include recreational parks, heritage villages, open markets, hotels, environmental camps, shopping malls, hospitals and medical centers, business centers, a social club, international schools, health clubs, sports facilities, and tourist accommodation,” the statement reads.

Along with the new heritage project, the mega Souq Okaz City will also develop a suburb with housing for about 750,000 people, a new international airport with the capacity to handle 5 mn passengers annually in its primary phase, a technology hub, Taif University, and an industrial city.

The foundation for the project was laid by Prince Khaled Al-Faisal, governor of Makkah and adviser to King Salman, during the inauguration of the annual Souq Okaz festival last week.