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Batic Investments and Logistics Company said that Batic Real Estate Company, a wholly-owned subsidiary, has received approval from Madinah Municipality to develop Al-Khuzama residential community, it said in a statement published on the Saudi stock exchange.
The project covers a land area of 229,000 square metres within the boundaries of the Prophet’s Mosque.
The land plot was acquired in Madinah, in May 2022, for 126.39 million Saudi riyals, as part of its development plan.
The move was aimed at supporting the company’s strategic and development plans of expanding the diversification of real estate investments and increasing the assets in its real estate portfolio.
In June 2022, Batic Real Estate also signed an agreement with ALMQR Development Co., the investment arm of Madinah Municipality, to develop Al-Khuzama scheme.
(Writing by D Madhura; Editing by Anoop Menon)
