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Batic, Al Mqr to build new residential community in Medina

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Batic Investments and Logistics Company announced that one of its subsidiaries, Batic Real Estate, has signed an agreement with Al Mqr Development Company, the investment arm of the city of Medina, to develop a major residential community project in the Saudi city.

Batic Investments and Logistics Company in its filing with the Saudi stock exchange Tadawul.

The agreement for the Al Khuzama Community Plan project was signed in the presence of Medina Mayor Engineer Fahd bin Muhammad Al Bulahishi.

The meeting was attended by senior officials of Batic Real Estate including CEO Mohammed bin Saleh Al Mazyad and Managing Director Engineer Mohammed bin Saud Al Zamil and Al Mqr Development Company CEO Majid bin Muhammad Al Shalhoub and other officials.

Work on the Medina Community Project may begin soon, with completion expected in 2024.

With the launch of the project, Batic Real Estate said the size of its real estate portfolio under management has soared to nearly 500 million riyals ($133 million).

The project is also the latest in a series of provincial qualitative projects aimed at enabling the development of the city and improving the quality of life for residents and visitors of the medina. It added that this is also in line with the goals of the Kingdom’s Vision 2030.-TradeArabia News Service


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