KEC says related-party deals hit 1% of revenue

14/08/2025 Argaam
Logo ofKnowledge Economic City Co. (KEC)

Logo of Knowledge Economic City Co. (KEC)

Knowledge Economic City (KEC) said related-party transactions with board members, covering the sale of residential units in the currently marketed Al Olaya housing project, exceeded 1% of revenue, as per the latest audited annual income statement.

 

The company added in a Tadawul filing that the units are being sold in the normal course of doing business, at prevailing market prices and based on publicly-disclosed terms.

 

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The Al Olaya project is a mixed-use development in KEC, featuring 1,082 under-construction apartments being offered for off-plan sales. To date, 283 units have been sold, with 799 others still pending.

 

According to Argaam calculations, around SAR 1.59 million is equivalent to 1% of KEC’s 2024 revenues, based on an overall topline of SAR 158.8 million.

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