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Argaam Tools ×
Madinah Gate
Overview
The project includes developing a shopping area, a hotel, hotel apartments, and a bus station on a total area of 37,000 sqms.
The project contains three components the First includes building a 4-star hotel(Double tree Hilton) and hotel apartments with a total number of 325 units, and the second component includes development of stores, restaurants, and an entertainment area with a leasing space of 22,000 sqms, and the third component includes the development of bus stations linked to the train station and two-story parking space to serve the hotel and shopping areas.
Project Information
- Real Estate > Landlords and developers
- Hotels and Tourism > Hotels, Motels, and Resorts
- A real estate fund will be set up to finance the project. KEC will contribute the land plot, along with a cash amount.
- An agreement has been signed with the Riyad Capital Company to develop the first phase of the project and an agreement with the Hilton International Company to operate and manage the first phase hotel through the brand Double Tree during 2019 At a cost for the first stage, it reaches 385 million riyals.
- Signing a memorandum of understanding with the Saudi University Transport Company (SAPTCO) to cooperate between the two parties and establish a company between them to invest in the field of services related to transporting residents and visitors and managing the project's transfer station.
- In Q1 2022, the company announced that it awarded a SAR 48.88 million construction contract to Mohammed Al-Rashed Trading and Contracting Co. (MARKO) to build a bus station and retail shops on its land adjacent to the train station.
- The company announced that it expected to complete the project and start commercial operations in Q1 2024.
Owners
Related Parties
Project Developments
TASI-listed firms' project pipeline for 2024Argaam Special07/01/2024
Knowledge City awards SAR 48.9 mln contract to construct bus station, retail shops at Madinah projectArgaam16/01/2022
KEC signs deal with Hilton to operate Madinah Gate’s hotel Argaam27/11/2019
KEC inks SAR 14 mln design contract for Madinah GateArgaam20/08/2019
Knowledge City inks deal with Guests of God Service ProgramArgaam14/07/2019
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