KEC’s Al Alyaa project contracted sales exceed SAR 520 mln

KEC said the financial impact of the sales will be recognized once the accounting recognition regulatory requirements are met

Knowledge Economic City Co. (KEC) said contracted sales at its Al Alyaa residential project exceeded SAR 520 million, as the mixed-use development within its masterplan in Madinah continues to attract demand, according to a statement to Tadawul.

The company also said residential unit reservations by non-Saudi customers exceeded SAR 547 million, adding that it has received down payments from those customers, reflecting continued strong demand for the project.

KEC said the project includes 70 premium villas, with procedures underway to award construction contracts to contractors.

The financial impact of the sales will be recognized in the company’s financial statements in accordance with International Financial Reporting Standards (IFRS) once the accounting recognition criteria and requirements under the Off-Plan Real Estate Sale and Lease Regulations are met, the company added.

The company noted that Al Alyaa is one of its strategic mixed-use developments within the KEC masterplan in Madinah. The project is being developed as a fully integrated gated compound based on modern urban planning and livability concepts, in line with the objectives of Saudi Arabia's Quality of Life Program and Vision 2030. It spans approximately 269,000 square meters on land overlooking 40-meter-wide Safwan Street, with a design emphasizing integrated urban spaces, green areas, and pedestrian walkways.

More than 72,000 square meters have been allocated to open spaces, parks, and walkways. The road and pathway network has been designed with a hierarchical layout to ensure smooth traffic flow, separate pedestrians from vehicles, and provide full accessibility for people with disabilities, creating a modern, safe, and attractive residential environment.

The project includes integrated residential, commercial, and service components, as well as a hotel, serviced apartments, retail areas, office space, a mosque, a nursery, and an educational complex operated by Riyadh Schools, creating a fully integrated community serving residents and visitors while enhancing quality of life.

As part of strengthening the hospitality component, the company signed agreements with Hyatt Hotels to operate a 150-room Hyatt Centric hotel, in addition to managing and operating 480 serviced apartments under the Hyatt House brand, further enhancing the project's position as an integrated destination.

The company said continued demand for the residential units reflects the project's attractiveness and strategic location and is consistent with its strategy of developing high-quality projects that maximize asset value, enhance revenue and liquidity, support sustainable growth, and create shareholder value. It added that sustained demand from non-Saudi buyers highlights the attractiveness of Saudi Arabia's investment environment and ongoing regulatory developments supporting investment, in line with the objectives of Vision 2030 to promote high-quality investments and develop the real estate sector.