Saudi Arabia’s Red Sea International Company (RSI) has announced that it has acquired a prime plot of land in Madinah, activating a 50-year lease agreement with the Al Madinah Al Munawwarah Municipality for a mixed-use development project.

The land has been handed over and all procedures to approve the investment contract have been completed through the government’s Furas platform, said Red Sea International Company in its filing to Saudi bourse Tadawul.

The lease covers a 63,088-sq-m site at the intersection of Omar Bin Al-Khattab Road and Abdul Harith Bin Zaid Al-Dhabi Road in Madinah, where the company plans to construct, operate and maintain a mixed-use development.

The contract, signed last month (July 1), has a total lease value of SAR161.95 million ($43.2 million), it added.