Knowledge Economic City inks consultation deals with Riyad Capital, Alinma

Knowledge Economic City Co. (KEC) has signed real estate consultation agreements with Riyad Capital and Alinma Capital, the Tadawul-listed company said in a statement.

Riyad Capital will conduct feasibility and investment studies for KEC, propose funding options, and will also seek investors to develop two projects located north and south of KEC, the statement said. The nine-month agreement is expected to come into effect by Jan. 7, 2018.

The deal has no related parties and it is not expected to have a significant financial impact on the company’s results, the statement added.

KEC inked the consultation deal with Alinma Capital to update its strategic business plans concerning various projects, the company said in a separate statement. The one-year agreement will start Dec. 24, 2017.

Cost of the consultations will be based on set monthly fees, and success commission that will be determined later on.

The value of both deals was not disclosed, as the cost of consultation will be determined based on a monthly basis, while other contractual fees will be calculated at a later date.