September 11, 2023

“Al-Othaim Investment” signs a memorandum of understanding with “Al-Maqar Development and Development”… to develop major qualitative projects in Medina

Al-Othaim Investment Company announced the signing of a memorandum of understanding with Al-Maqar Development Company in order to cooperate to establish joint projects between them in the field of development and urban development, and to develop major qualitative projects in Medina within the framework of its strategy to spread throughout the various cities of the Kingdom and expand the scope of its work. To include the western region.

The memorandum of understanding was signed by “Al-Othaim Investment”, Mr. Mishal bin Omairah, CEO, and by “Al-Maqar Development and Development”, Mr. Majid bin Mohammed Al-Shalhoub, CEO of the company. The memorandum included general cooperation frameworks between the two companies with regard to development and cultural development projects in Medina.

This strategic cooperation between “Al-Othaim Investment” and “Al-Maqar Development and Development” comes in line with the Kingdom’s Vision 2030 and the vision of His Highness the Crown Prince of Medina, which aims to achieve sustainable economic and social development. The vision also includes improving the quality of life through developing infrastructure and public services.

The Medina region is one of the priorities of the Saudi government, as it receives special attention from His Royal Highness Prince Mohammed bin Salman, the Saudi Crown Prince, who is working to continuously develop and develop it, launching many major projects there, and under the close and continuous follow-up of His Highness the Emir of the region and his deputy. With great efforts from the district secretary.

In a related context, Majid Mohammed bin Shalhoub, CEO of Al-Maqar Development and Development Company, confirmed that the signing of the memorandum of understanding with Al-Othaim Investment comes in accordance with the company’s strategy that targets development and urban development in order to achieve the self-continuation of development and urban development projects, and the establishment of many projects that have A developmental and social dimension in the Medina region, which receives the attention of His Highness the Emir of the region and His Highness his deputy, and the follow-up of His Excellency the Secretary of the region.

Al-Shalhoub added that Al-Maqar Development Company seeks in its work pioneering, innovative and distinctive projects and other development projects that contribute to supporting the Kingdom’s economy in line with the objectives of the Kingdom’s vision.

It is noteworthy that Al-Othaim also seeks, through this agreement, to present specific projects that contribute to raising the level of the local economy of Medina. The company has developed plans to create qualitative, multi-use projects that provide new job opportunities, which in turn will contribute to improving the standard of living and well-being of citizens.

Mishal bin Omairah, CEO of Al Othaim Investment Company, expressed his thanks to His Royal Highness Prince Faisal bin Salman bin Abdulaziz, Emir of the Medina region, for his blessed efforts and role in developing the city and contributing to the launch of many major qualitative projects, which in turn contribute to improving the quality of life and developing… Infrastructure and public services, which greatly help support the Kingdom’s economy.

Mishal Bin Omairah stressed that the signing of the memorandum of understanding with Al-Maqar Development Company comes within the framework of its fruitful partnerships and cooperation with national companies to support their attractive development projects in support of the company’s strategy and future vision in expanding its systematic spread network in the field of integrated projects to cover most of the cities of the Kingdom. The value of its projects currently under implementation exceeds 12 billion riyals in support of quality of life programs and in line with Vision 2030.