KEC inks SAR 14 mln design contract for Madinah Gate

Knowledge Economic City (KEC) inked on Monday the designs works contract for Madinah Gate project with the international project planning firm, IBI, at a total value of SAR 13.59 million, KEC said in a bourse filing.

The 42-week contract stipulates that designs will be carried out in two phases; the first one will include general studies, preliminary designs and estimated costs, while the second phase will include the detailed designs, bids and executive plans.

The designs works will take around three years and will have an estimated cost of SAR 385 million.

The new project will be built on a total area of 37,000 square meters, with 22,000 sqm allocated for the first phase. The project will comprise three main stages.

On March 20, KEC’s board of directors approved to set up a real estate fund in partnership with strategic investors to develop Madinah Gate project.

The Saudi-listed company will contribute in providing the land plot required for the project.