Madinah Launches Mega Project with 3,700 Housing Units

Madinah Launches Mega Project with 3,700 Housing Units
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Madinah Launches Mega Project with 3,700 Housing Units

Madinah Launches Mega Project with 3,700 Housing Units

The Municipality of Madinah in western Saudi Arabia said Sunday it has approved a giant real estate project in the form of a residential neighborhood that includes more than 3,728 housing units, such as villas, buildings, mosques, schools and service facilities.

The Municipality didn’t disclose the cost of the project, which will be implemented by the Ministry of Housing in cooperation with the private sector.

It issued a permit to start construction for the project that consists of about 2,962 housing units on a land plot of approximately 740,000 square meters, which will include 766 residential buildings.

Each building has three apartments on separate floors.

According to Madinah Mayor Fahad Albuliheshi, the project falls in line with the joint cooperation among the Municipality, the Housing Ministry branch in Madinah and the Developers Services Center (ETMAM), in partnership with the private sector.

It provides housing units with different areas and designs that suit all needs, he noted.

The facilities and service locations, which were carefully selected and distributed to serve the population density, have been reviewed by architectural engineers, Albuliheshi added.

The project is located in a distinctive location in al-Sakb neighborhood in Madinah along King Khalid and Prince Sultan bin Abdulaziz streets, he said.

It accommodates about 13,500 people within an integrated environment, a commercial complex, a health center, six schools for boys and girls, a kindergarten and seven mosques, the municipal chief explained.

General Manager at ETMAM Abdulwahab al-Qahtani stressed the strategic role played by the services center as a government initiative aimed at overcoming the obstacles facing the real estate developers and housing projects.

Qahtani pointed to the integrated role and fruitful cooperation provided by various government agencies to make the initiative a success.



Russian Wheat Export Prices Rise

FILE PHOTO: A drone view shows a combine harvesting wheat in a field in the Rostov Region, Russia July 10, 2024. REUTERS/Sergey Pivovarov//File Photo
FILE PHOTO: A drone view shows a combine harvesting wheat in a field in the Rostov Region, Russia July 10, 2024. REUTERS/Sergey Pivovarov//File Photo
TT

Russian Wheat Export Prices Rise

FILE PHOTO: A drone view shows a combine harvesting wheat in a field in the Rostov Region, Russia July 10, 2024. REUTERS/Sergey Pivovarov//File Photo
FILE PHOTO: A drone view shows a combine harvesting wheat in a field in the Rostov Region, Russia July 10, 2024. REUTERS/Sergey Pivovarov//File Photo

Russian wheat export prices rose last week, tracking global prices, with analysts expecting weak export activity due to the upcoming long New Year holiday.

Dmitry Rylko, head of the IKAR consultancy, said the price of Russian wheat with 12.5% protein for free-on-board (FOB) delivery at the end of January was up $3 to $237 per metric ton.

The Sovecon consultancy saw prices for Russian wheat with the same protein content and delivery terms at $233 to $239 per ton, compared with $232 to $238 the previous week.

Russian FOB is expected to be mostly flat on low trade activity, the agency said in a weekly report.

Weekly grain exports were estimated at 0.83 million metric tons, including 0.78 million tons of wheat, up from 0.53 million tons of grain including 0.44 million tons of wheat the previous week as shipments recovered after storm disruptions. Sovecon has upgraded its estimates of December wheat exports by 0.1 million tons to 3.4 million tons, compared to 3.6 million tons a year ago.

IKAR estimates December wheat exports at 3.6-3.7 million tons, down from 4.4 million tons in November. Algeria is believed to have purchased 1.17 million tons of wheat this week. Some traders also expect some Russian wheat to be supplied. Egypt’s state grain buyer, Mostakbal Misr, contracted about 1.267 million tons of wheat, most of which was sourced from Russia, two sources with direct knowledge told Reuters.

Russia's IKAR agricultural consultancy said on Thursday it saw 2025/26 wheat exports down 6% to 41 million tons. Sovecon said on Monday that Russian wheat exports will fall by 17% to 36.4 million tons in the 2025/26 exporting season. Its forecast for the 2024/2025 season was revised to 43.7 million tons, from 44.1 million tons.

Russia harvested 125 million tons of grain and legumes, including 82 million tons of wheat, in clean weight, in 2024, down 13% from last year, data from statistical agency Rosstat showed on Thursday.

The wheat harvest is also down by 13%, to 82.4 million tons. Winter grains were sown over 17.6 million hectares, 1 million hectares less than in 2023. Temperatures remain above normal in all regions, Sovecon noted. The Russian state weather forecasting agency sees worsening conditions for winter cereals in January in the center of Russia and the Volga region.