KEC inks deal to transfer land of Haramain Rail Madinah station

Knowledge Economic City (KEC) and its affiliate, Al Gharra International for Real Estate Development Co., have signed a deal with Saudi Railways Organization (SRO) on transferring the land plot of Haramain Rail station in Madinah.

No further details were mentioned about the deal value.

Under the agreement, KEC and Al-Gharra will transfer to state-owned SRO the 103,412 square meter-land plot located on King Abdul Aziz Road, the company said in a bourse statement.

KEC will also set up various projects on the two land plots surrounding the rail station to provide services to train passengers and pilgrims.

KEC is likely to benefit from the development of various projects in the station, in line with the Saudi Vision 2030.

No related parties are involved in the deal, KEC said, adding that there is no financial impact from the land transfer.