Knowledge Economic City Co. seals major residential deals

Saudi master developer Knowledge Economic City Co. has recently inked two significant deals to deliver 396 residential apartments as part of the initial phase of its Al-Alya mixed-use project. The agreements, valued at SR288.6 million ($77.92 million), were made with Elkhereiji Commerce and Contracting Co., as disclosed in Tadawul filings.

The first deal involves the complete execution of contracting works for additional residential buildings in the project's first phase, comprising four houses offering 132 apartments of various sizes. The second contract covers electromechanical, finishing, gardening, and site coordination works for eight residential buildings, providing 264 apartments.

Both contracts will be paid in installments based on monthly progress certificates. The financial impact of the agreements will result in cash outflows over 20 months for the second deal and 24 months for the first.

Al-Alya, situated within the Knowledge Economic City, is a mixed-use project featuring hospitality, housing, offices, retail, and education services. Designed to align with the urban trend of humanizing cities and enhancing quality of life, the project aims to support the goals of Saudi Arabia's Vision 2030.

Furthermore, Knowledge Economic City Co. has partnered with Gulf International Bank Capital to establish a real estate investment fund worth SR3.5 billion. This initiative will kickstart the development of the Islamic World District in Madinah, encompassing hospitality, residential, retail, entertainment, and cultural zones.

The project seeks to elevate the visitor experience in Madinah, a city of historical significance and a key destination for pilgrims and tourists worldwide.