KEC to launch Knowledge Gardens fund within 6 months: CIO

Marko Vucinic, Chief Investment Officer and Executive Director of Investment & Asset Management at Knowledge Economic City (KEC), said procedures to establish and launch the investment fund for the Knowledge Gardens project are expected to be completed within the next six months.

Speaking to Al Eqtisadiah TV on the sidelines of the Hotels and Hospitality Expo Saudi Arabia 2026 in Riyadh, Vucinic said the company is currently working with the fund manager to finalize the project’s structure, including the land sale agreement, development agreement, sale and purchase agreement, and other requirements related to the fund’s launch.

Regarding the hospitality portfolio, Vucinic noted that the approved master plan for KEC allocates for the development of around 40,000 hotel rooms and units. The company aims to begin developing up to 10,000 rooms over the next five to six years, with several thousand rooms expected to gradually become operational between 2028 and 2030.

KEC’s first assets in the hospitality and retail sectors began operations at the end of 2025 through the Madinah Gate project, which includes a DoubleTree by Hilton hotel, Vucinic added.

He noted that the Hilton hotel and branded residential units at the Madinah Hub project are scheduled to open in mid-2027, as part of the company’s plan to increase assets generating recurring operating revenue.

Regarding projects currently under development, Vucinic said the company had launched two real estate investment funds in recent months dedicated to the hospitality sector. The first fund is focused on developing the first phase of the Islamic World Boulevard project, while the second is intended to finance and develop the first package of the Al Multaqa Hotel Group project within the Madinah Hub development.

He said KEC had also signed several partnerships to develop residential and mixed-use projects, with residential components accounting for the majority of their developments. The total value of these partnerships exceeds several billion dollars.

Regarding upcoming projects, Vucinic said KEC is in discussions with a large number of partners to launch new projects under various investment structures. However, it will not disclose details or values until the agreements are signed, adding that the company’s plans extend through 2030.

Vucinic expects additional projects and partnerships currently being prepared as part of KEC’s development plans to be announced soon.

The total cost of the Knowledge Gardens project fund is estimated at approximately SAR 7.5 billion, including the land value, construction works, indirect costs, reserves, fit-out works, and developer fees. The project’s total revenue is estimated at around SAR 10.2 billion.

Knowledge Gardens is one of the city’s largest mixed-use developments. It is being built on a plot exceeding 332,000 square meters and comprises approximately 4,198 residential units, 183 serviced apartments, and a 450-room hotel, in addition to around 80,000 square meters of retail and office space.