The first agreement calls for Saudi to fully implement contracting works for further residential buildings in the Al-Alya mixed-use project’s initial phase. This consists of a quartet of residences providing 132 units of various sizes valued at SR117.5 million (VAT excluded).
According to a statement the company sent to Tadawul, the second contract entails the implementation of electromechanical, finishing, gardening, and site coordinating works for a group of eight residential buildings valued at SR171.13 million, providing 264 units. Installments under each contract will be paid according to a monthly payment certificate based on the job status.
Knowledge Economic City Co. and Gulf International Bank Capital inked an SR3.5 billion deal in October last year to launch a real estate investment fund.
The project is set to commence the first stage of the Islamic World District in Madinah, which would encompass an area of more than 140,000 square meters and convert the region into a mixed-use development.
The site will offer approximately 5,000 hotel keys and 743 residential units, as well as entertainment, retail, residential, and cultural zones. A dedicated 24,000-square-meter space will be used for retail stores.
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