The National Transformation Program allocated 775 million riyals for the development of the first phase of the «Okaz City« project, including 220 million riyals estimated costs for the establishment of projects of the General Authority for Tourism and National Heritage and 555 million riyals estimated for the establishment of infrastructure inside and outside the site, and it is expected that these development projects will be completed during the next five years that begin immediately after the approval of the budget. This was explained by Prince Sultan bin Salman bin Abdulaziz, President of the General Authority for Tourism and National Heritage, at a press conference following the opening of Souq Okaz, recently.

He revealed that the projects included in the initiative to develop the "City of Okaz" varied between the establishment of the Academy of Arabic Poetry, an interactive museum, the development of the heritage «Okaz Avenue», the creation of «Future Avenue», the establishment of an environmental camp, a recreation and recreation center, sports and health facilities, office spaces, and others, and these projects combined will pump the private sector worth 1291 million riyals, as direct investment in the city, which the state will also contribute to its development through infrastructure development, bringing the expected investment volume in the first phase to about two billion riyals.Prince Sultan bin Salman added that the Authority's initiative to develop the «City of Okaz», in partnership with the Emirate of Makkah and its partners in the public and private sectors, is due to the historical importance of this site, as it is the most important ancient Arab market, and its name is associated with cultural and economic activity, and is the market that the Prophet Muhammad visited before the mission, and its features have been preserved to this day, as the market was and remains a symbol of Arab heritage.