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.



Saudi Energy Minister: Petroleum and Petrochemical Law Guarantees Fair Competition for Investors

Saudi Energy Minister Prince Abdulaziz bin Salman. (Reuters)
Saudi Energy Minister Prince Abdulaziz bin Salman. (Reuters)
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Saudi Energy Minister: Petroleum and Petrochemical Law Guarantees Fair Competition for Investors

Saudi Energy Minister Prince Abdulaziz bin Salman. (Reuters)
Saudi Energy Minister Prince Abdulaziz bin Salman. (Reuters)

Shortly after the Saudi Cabinet approved the Petroleum and Petrochemical Law, Energy Minister Prince Abdulaziz bin Salman said on Tuesday the regulation aims to achieve a set of goals, mainly regulating petroleum and petrochemical operations, in a manner that contributes to economic growth.

The law also backs efforts to attract investments, elevates employment rates, upgrades energy efficiency, safeguards consumers and licensees, while ensuring product quality and creating a competitive environment that fuels fair economic yields for investors, the Minister said.

Prince Abdulaziz expressed his gratitude to Custodian of the Two Holy Mosques, King Salman bin Abdulaziz and Prince Mohammed bin Salman, Crown Prince and Prime Minister, for the Cabinet’s decision to approve the new law.

He praised the Saudi leadership for its support and empowerment of the energy sector, and its contribution in boosting the sector’s productivity to achieve the targets of Vision 2030.

The new law helps in building the local energy sector’s legislative framework, Prince Abdulaziz went on to say.

“This is accomplished by leveraging the top-tier international practices, boosting performance, achieving national objectives, and ensuring the optimal use of petroleum and petrochemical resources,” he said.

The new law, replacing the Petroleum Products Trade Law, helps ensure the security and reliability of local petroleum and petrochemical supplies, the minister explained.

This is on top of achieving optimal utilization of raw materials, supporting the localization of the industry’s value chain, enabling national strategies and plans, and enhancing the control and supervision of petroleum and petrochemical operations to step up compliance with laws and regulations, he added.

The new law combats practice violations by regulating the activities of use, sale, purchase, transportation, storage, export, import, packaging, and processing of these resources.

It also regulates the establishment and operation of distribution channels and petrochemical facilities, said Prince Abdulaziz.