BATIC Investments and Logistics Company has announced that its subsidiary, BATIC Real Estate, has signed an agreement with Al Mqr Development Company, the investment arm of Madinah Municipality, for the development of a key residential neighbourhood community project in the Saudi city.
The project will be developed on a 229,000sqm area near the Prophet’s Mosque in Madinah, a BATIC filing on the Saudi bourse, Tadawul, said. The Al Khuzama project will provide a model residential neighbourhood community offering, with the latest amenities and lifestyle facilities within the scope of smart cities, it added.
Work on the project will begin soon, with it due to be completed by 2024. It will be developed in line with the objectives of the Kingdom’s Vision 2030.
The agreement for the Al Khuzama neighbourhood scheme was signed in the presence of Mayor of Madinah Engineer Fahd bin Muhammad Al Bulahishi. It was attended by senior BATIC Real Estate Company officials including CEO Mohammed bin Saleh Al Mazyad and Managing Director Engineer Mohammed bin Saud Al Zamil along with Al Mqr Development Company CEO Majid bin Muhammad Al Shalhoub and other officials.
BATIC Real Estate added that the launch of the project brought the real estate investment portfolio managed by the company to nearly $133mn.
It is also the latest among qualitative projects at the level of the province in order to achieve development of the city and enhance the quality of life for residents and visitors in Madinah, the filing concluded.