Batic’s subsidiary signs agreement with ALMQR Development to develop Al-Khuzama scheme in Madinah

Logo of Batic Investments and Logistics

Batic Investments and Logistics Co.’s subsidiary, Batic Real Estate Co., signed, on June 29, an agreement with ALMQR Development Co., the investment arm of Madinah Municipality, to develop Al-Khuzama neighborhood project’s scheme in Madinah, owned by Batic Real Estate. 

An 18-month partnership agreement was signed, the firm said in a bourse statement, indicating that this project is Batic Real Estate’s first project in Madinah. It is located on an area of 229,000 square meters within the boundaries of the Prophet's Mosque. 

The company seeks to provide a model neighborhood with the latest services, facilities and advanced solutions within the scope of smart cities, the statement added. 

This project is also the latest among a slew of qualitative projects on the province level to achieve development, humanize the city and enhance the quality of life for residents and visitors in Madinah. The project comes in line with the plans and directives of the municipality as well as the Vision 2030 objectives. 

The deal includes related parties as Ahmed Al-Sanie, Chairman of Batic Investments, is also the Vice Chairman of ALMQR Development, the Saudi-listed company said. 

The agreement was concluded under the patronage of Prince Faisal bin Salman Al Saud, Governor of Madinah, in the presence of Mayor of Madinah Province, Fahad Albelaihshi. 

ALMQR Development was represented by its CEO, Majid Al-Shalhoub, while Batic Real Estate was represented by its Managing Director, Mohammed Al-Zamil. The signing ceremony was attended by the CEO of Batic Real Estate, Mohammed Al-Mazyad. 

Batic Real Estate is 100%-owned by Batic Investments. It is the real estate arm of Batic group. After the development of this project, Batic Real Estate will manage an investment portfolio of nearly SAR 500 million. It holds a real estate developer qualification certificate from the Ministry of Municipal, Rural Affairs and Housing, the statement said.