| Element List | Explanation |
|---|---|
| Announcement Detail | With reference to the Madinah Down Town project, currently “the Knowledge City Hub” – “the Project” within the Knowledge Economic City, which was announced on Tadawul website on 31 March 2019, with the project aims to develop the lands overlooking King Abdulaziz Road in the northern area through creating a mixed-use urban project with shopping, commercial, residential and entertainment services components and a mall linked with a 5 stars hotel, an interactive museum about Madina, entertainment halls, a cinema and a health club, in addition to a commercial boulevard area overlooking a garden and green spaces that benefit from the available large space to apply the latest design methods for the project, |
And with reference to the company's announcement on 14 July 2019 on Tadawul website on signing the contract with Champan Taylor to carry out engineering design work for the project in two phases, comprise general site studies, initial designs and others and the second phase comprise detailed designs and bidding documents,
And with reference to the company’s announcement on Tadawul made today about signing the agreement with the Hilton to manage, operate and provide consulting and engineering services for the 5-star Knowledge City Hub hotel,
The company announces the signing of an agreement with the Saudi Tourism Development Fund and Riyadh Bank on 22 April 2021 to provide financing facility for the company towards the development execution of the Knowledge City Hub project. According to the agreement, the Saudi Tourism Development Fund and Riyad Bank will provide financing of SAR782 million to contribute to the cost of developing the first phase of the Knowledge City Hub project, which includes the mall, the hotel, and the boulevard. Repayment shall be over 13 years plan with the company provides collateral in the form of plots of land from the company land portfolio. That financing will cover 79% of the project development cost (excluding land value), and with 6-month period allowed to finish related financing documentation, bearing in mind that there is no related party within the agreement parties.
Riyad Bank's financing for this project is part of the bank’s strategy to support the objectives of the Kingdom of Saudi Arabia’s Vision 2030, as well as the bank’s objectives to support the tourism sector on financial, operational and logistical capabilities and digital financial systems areas and provide the experience for investors and visitors and thus enhance the objectives of the Quality of life program as part of the Kingdom's "2030" vision.
His Royal Highness Prince Faisal bin Salman bin Abdulaziz Al Saud, Governor of Madinah Region, honored the signing of the agreement during a ceremony arranged by the company for the launch and contracts signing for a number of projects where the financing agreement was signed by the CEO of the company, Eng Sami Al-Makhdhoub, the CEO of the Saudi Tourism Development Fund, Mr. Qusai bin Abdullah Al-Fakhri and the CEO of Riyadh Bank Mr. Tariq bin Abdulrahman Al-Sadhan.
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