| Element List | Explanation |
|---|---|
| Announcement Detail | With reference to the Madinah Gate project (the project) in Knowledge Economic City, which was announced on Tadawul website on 31 March 2019 aims to develop the area adjacent to the Haramain High Speed Train Station in Madinah and the area overlooking Prince Nayef Road with the first Transit Oriented Development – TOD in the Kingdom, with the planned project serving the train station and the neighborhood projects benefiting from its three main components; the 4-star hotel, the retail shops, restaurants, and an entertainment area, and the bus station connected to the train station and with the project providing 23,000 square meters leasable area includes 78 shops, 39 restaurants and cafes, two entertainment centers, a cinema with a capacity of 800 seats, and a parking with 800 spaces. |
And with reference to the company’s announcement made today on Tadawul website about signing the Terms and Conditions Agreement with Riyad Capital to launch the “Madinah Gate” fund, aims to develop the two main project components represented in the hotel and commercial, restaurants, and entertainment areas, with the Knowledge Economic City develops the third component represented in the bus station over its owned land adjacent to the train station, the hotel and the commercial area, with the three components developed simultaneously within the first phase of the Madinah Gate project,
The company announces the signing of an agreement with the fund manager "Riyad Capital" on 22 April 2021 to assign the entire shares of its subsidiary that owns the real estate asset "Bawabat Almadinah Real Estate Development Co. Ltd. in favor of the Madinah Gate Fund for SAR68 million with the sale value recorded as an in-kind contribution to the fund in favor of its subsidiary "Al Gharraa International Real Estate Development Company LLC which owns the total shares of Bawabat Almadinah Real Estate Development Co. Ltd (Algharraa Co is an 80% owned company by the Knowledge Economic City). The shares transfer will result in generating some capital gains whose value and the impacted period of the financial statements of the company will be determined upon completion of the transfer of shares. There is no related party within the agreement parties.
The agreement was signed under the patronage of His Royal Highness Prince Faisal bin Salman bin Abdulaziz Al Saud, Governor of Al-Madinah Al-Munwwara, as part of the ceremony for the signing of a number of agreements and projects launch for the company.
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