Knowledge Economic City (KEC) will begin construction of its Madinah Gate project in 2020, the company said in a bourse filing on Sunday.
Preliminary designs were unveiled for the project, scheduled for completion in 2023, after completing the required feasibility study.
Groundworks will begin in Q4 2019, KEC said, adding the project’s first phase is expected to cost SAR 385 million.
The new project will be built on a total area of 37,000 square meters, with 22,000 sqm allocated for the first phase. It aims to develop the land plot located close to Haramain High-Speed rail station in Madinah.
On March 20, KEC’s board of directors approved to set up a real estate fund in partnership with strategic investors to develop the project.
The Saudi-listed company will contribute the land plot required for the project, the statement added.
Comments
{{DisplayName}}
{{ElapsedTime}}