The Medina Municipality plans to develop the “Mishraf” land and the “Al Ghurra” land development project, following the signing of an agreement between Al-Maqr Company for Development and Development, the investment arm of the Medina Municipality, and a number of national companies, in the presence of the Provincial Secretary and Chairman of the Board of Directors of Al-Maqr Company, Fahd bin Mohammed Al-Balishi.
The agreements aim, through the development of the land of the two projects, to achieve a number of strategic objectives, namely creating innovative models of modern modern communities, enhancing economic development in the region by providing distinctive residential options and investment commercial centers that meet the requirements of the residents and visitors of Madinah in line with the objectives of Saudi Vision 2030 in improving the quality of life and increasing local output, as well as contributing to the creation of new job opportunities for the sons and daughters of the region through a wide range of strategic partnerships with the private sector.
The agreements aim to achieve a number of strategic objectives, including the creation of innovative models of modern modern communities, and enhancing economic development in the region.
The Mishraf land development project, to be implemented by Al Majidiyah, consists of a total area of 464 thousand square meters, with sales of up to SAR 1.024 billion, on the land located between Al Hijra and King Khalid Roads (Third Ring), to include 408 units in residential buildings and 390 residential villas in complexes, a commercial market, investment centers, social club, service buildings, educational facilities, mosques, public parks, public spaces network and pedestrian walkways.
The project will be developed by the Al Majidiyah Company, on a total area of 464 thousand square meters, with sales of up to 1.024 billion riyals, in the area located in the range between Al Hijra and King Khalid roads (Third Ring)
While the Al Ghurra land development project in its first phase, which will be implemented by SMO Real Estate, consists of a total area of 289 thousand square meters, with an investment volume of more than 816 million riyals as a first phase, in a strategic area located on King Salman bin Abdulaziz Road, to include a conference center and halls for events. and commercial exhibitions on an area of 22,000 square meters, in addition to 112 executive hotel rooms, administrative and banking complexes, investment commercial centers, cinema halls, squares and entertainment complexes, a variety of brands of restaurants, cafes and gardens on an area of 8,000 square meters, in addition to creating 4,500 parking spaces.
For his part, Majid Al-Shalhoub, CEO of Al-Maqr Company, confirmed that the strategic partnerships concluded with the companies come to translate part of the developmental role of Al-Maqr Company in meeting the requirements of residents and visitors to Madinah, by creating the investment climate and approving development projects that contribute to the establishment of innovative models of urban communities and investment commercial centers with smart and modern technical designs to achieve a balanced lifestyle in addition to activating the company's role in working to meet the growing needs in the real estate sector at the regional level.
