KEC Signs Selling Agreement with Makarim Hospitality Ltd Co.

29/09/2012 Tadawul

Knowledge Economic City (KEC) announced signing an agreement to sell a plot of land in Al Madinah, 29/09/2012, which has an area of 10,500 square meters, at SAR 52,500,000 for SAR 5000 per square meters to Makarim Hospitality Ltd Co, a subsidiary of Saudi Hotels Co, the company said in a filing to Tadawul.

The company stated that signing this agreement with Makarim Co. comes within KEC strategy to develop its real estate projects in partnership with experienced  real estate developers. It is expected to achieve profits estimated at SAR 18,400,000, that will be included in the income statement of Q3 of this year, according to the statement.

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