Madinah Launches Mega Project with 3,700 Housing Units

Madinah Launches Mega Project with 3,700 Housing Units
TT

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.



Pakistan Set to Receive $20 Billion Loan From World Bank

FILE PHOTO-People wait for their turn to buy low-priced bun-kabab from a shop in Karachi, Pakistan June 10, 2022. REUTERS/Akhtar Soomro
FILE PHOTO-People wait for their turn to buy low-priced bun-kabab from a shop in Karachi, Pakistan June 10, 2022. REUTERS/Akhtar Soomro
TT

Pakistan Set to Receive $20 Billion Loan From World Bank

FILE PHOTO-People wait for their turn to buy low-priced bun-kabab from a shop in Karachi, Pakistan June 10, 2022. REUTERS/Akhtar Soomro
FILE PHOTO-People wait for their turn to buy low-priced bun-kabab from a shop in Karachi, Pakistan June 10, 2022. REUTERS/Akhtar Soomro

Pakistan is set to receive a loan of $20 billion from the World Bank over the next 10 years, aimed at improving the country’s key sectors, sources told Geo News on Saturday.

According to sources in the Ministry of Economic Affairs, the loan will be part of the World Bank's support under the Country Partnership Framework 2025-35, which focuses on sustainable economic development.

The loan is expected to be approved by the WB's Board of Directors on January 14. Once approved, Martin Raiser, the lender's Vice President, is expected to visit Islamabad to discuss the loan program and its implementation.

In addition to the $20 billion, two subsidiary entities of the World Bank will assist Pakistan in securing another $20 billion in private loans.

This would bring the total financial package to $40 billion, which will be allocated towards infrastructure development, climate resilience projects, and improving social services.

Meanwhile, The News newspaper reported that the government, in its bid to achieve an economic revival, has launched the National Economic Transformation Plan which aims to achieve ambitious economic targets, including doubling GDP growth and halving poverty over a five-year period.

The plan envisages attracting $29 billion anticipated investment under the supervision of the Special Investment Facilitation Council (SIFC) including $10 billion from the UAE, $5 billion from Saudi Arabia, $2 billion from Qatar, $2 billion from Azerbaijan, and $10 billion from Kuwait.

Meanwhile, the gross domestic product (GDP) target has been set at 6% of the GDP till the Fiscal Year 2028-29 whereas the per capita income in dollar terms is projected to go up to $2,405 from $1,680.