Batic Investments and Logistics Company has announced that one of its subsidiaries, 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 commmunity project in the Saudi city.

To be developed on a 229,000-sq-m area near the Prophet's Mosque in Madinah, the Al Khuzama project will provide a model residential neighbourhood commmunity offering the latest amenities and lifestyle facilities within the scope of smart cities, said Batic Investments and Logistics Company in its filing to Saudi bourse Tadawul.

The agreement for the Al Khuzama neighbourhood scheme project 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.

Work is likely to begin soon on the Madinah neighbourhood commmunity project and is due for completion in 2024.

Batic Real Estate Company said with the launch of this project, the size of the real estate investment portfolio managed by the company has surged to nearly SR500 million ($133 million).

This project 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. It is also in line with the objectives of the Kingdom’s vision 2030, it added.

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