| Element List | Explanation |
|---|---|
| Announcement Detail | With reference to Knowledge Economic City Company “The Company” announcement on Tadawul website on 31 March 2019 about Madinah Gate Project which aims to develop the land adjacent to the Haramain High Speed Train Station in Madinah and the area overlooking Prince Nayef Road and construct the first Transit Oriented Development project in the Kingdom over this land with a development of three main components; a 4-star hotel and hotel apartments, retail, shops, restaurants, and an entertainment area, and a bus station connected directly to the train station. The detailed development includes a commercial and entertainment center with 23 thousand square meters leasable area with 78 shops, 39 restaurants and cafes, 2 entertainment centers, a cinema with 800 seats capacity, and 800 parking spaces. |
And the reference to the company’s announcement dated 4 July 2019 on Tadawul website on about the appointment of Riyad Capital Company as the manager for the real estate investment fund to be launched to undertake the development of the Madinah Gate project phase I, and in accordance with the requirements of the fund’s establishment to appoint a development manager to undertake designs management, development management and supervise construction processes and other management issues,
The company announces that it has signed the conditions agreement with the fund manager, "Riyadh Capital" on 22 April 2021 appointing Knowledge Economic City Company as the Development Manager for Madinah Gate Fund’s project. The development manager fees represented in a percentage of the project cost with an additional certain percentage as an incentive in case of project completion before the scheduled agreed date. The financial impact is based on fees received in accordance with the work progress. No related party among 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 Munawwarah by the CEO of the Company, Eng. Sami Al Makhdhoub and the CEO of Riyad Capital, Mr. Sabti Al Sabti.
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