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Knowledge Economic City (KEC) awarded a SAR 48.88 million construction contract to Mohammed Al-Rashed Trading and Contracting Co. to build a bus station with retail shops on its land adjacent to the train station within the Madinah Gate project.
The contract scope includes developing the land adjacent Al Haramain High Speed Train Station from its western side as one of the three components of Madinah Gate project being the first Transit Oriented Development – TOD in Saudi Arabia, the company said in a bourse statement.
The subject contract aims to construct the bus station and the shops facing the main plaza of the train station and directly linked to the main mall of the Madinah Gate project to serve travelers and visitors of Madinah.
This development will represent the gateway to Madinah and connection between the train station, the hotel and the main mall, which will be constructed at the same time in the land adjacent to the targeted bus station.
KEC expects that the development will take about 24 months in conjunction with the development of the main mall and the hotel, which is being constructed by the same contractor.
The contract is not a related party transaction, the listed firm also noted.
Madinah Gate project aims to develop the land adjacent to the Al-Haramain Express station in Madinah and the area overlooking Prince Nayef Road, as a leading project in the Kingdom of projects associated with transport stations and its complementary elements and services, Argaam earlier reported.
The project includes three main components, the first of which is the development of a hotel and hotel apartments of four-star category. The second component includes markets, shops, restaurants and entertainment area, while the third component is a bus station and public transport directly related to the train station.
The development includes a 23,000 square meters commercial and entertainment center with 78 shops, 39 restaurants and cafes, two entertainment centers, an 800-seat cinema and 800 parking spaces.
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