Knowledge Economic City (KEC) has signed a cooperation agreement with the Guests of God Service Program - a key element of Saudi Arabia’s Vision 2030, KEC said in a bourse statement on Sunday.
No further details were mentioned about the deal value.
The company will fulfill the requirements of the program initiatives, attract new investors and offer new opportunities in the sector of Hajj and Umrah services.
It will also provide various commercial and hotel services, particularly in the area close to Haramain High-Speed rail station in Madinah.
Designs are being made for KEC’s Madinah Gate project, which comprises 300 luxury rooms in the first phase in addition to other commercial markets.
The two-year agreement could be renewed for similar periods, unless one of the parties notifies the other of the deal termination.
KEC added that no financial impact is currently expected on its financial statements, noting that no related parties are involved in the deal.
Under the deal, the developer will complete the preliminary studies required for Madinah’s Islamic World District project, which will be developed in gradual phases.
“The project, which will be co-developed with the Guests of God Service Program – is expected to provide nearly 15,000 direct and direct jobs in related fields,” the company added.
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