KEC sees strong housing demand, foreign ownership to fuel growth

Total investments in KEC total around SAR 140 billion across hospitality, residential, retail, and healthcare, said Chief Operating Officer Hazem El Banna

Hazem El Banna, Chief Operating Officer (COO), Knowledge Economic City (KEC), said demand for residential units is very high.

The first phase was fully sold and delivered, with the second phase attracting solid interest, he told Argaam at Cityscape Global 2025 in Riyadh.

Al-Banna said opening property ownership to foreigners from January will be pivotal for Madinah, and is expected to boost the sector.

He expects the company’s Q4 2025 results to be solid by year-end.

Total investments in KEC total around SAR 140 billion across hospitality, residential, retail, and healthcare. The project spans 6.8 million sq m near the Holy Prophet’s Mosque, offering high strategic and investment value.

The company recently delivered the DoubleTree by Hilton hotel and its first Transit-Oriented Development at the train station, featuring 23,000 sq m of commercial space, El Banna said.

Al Multaqa Mall, the largest in the city and fifth-largest in Saudi Arabia, is about 95% complete on 180,000 sqm of built-up area.

Meanwhile, Al-Alya complex, a premium residential project with 1,500 units, villas up to 800 sqm, schools, and community facilities, is nearing completion.

The Council of Ministers approved in July an updated property law for non-Saudis, allowing residents to own one property outside restricted zones, while Makkah and Madinah remain limited to Muslim ownership.

The updated law will take effect from January 2026.