| Element List | Explanation |
|---|---|
| Introduction | Under the patronage of His Royal Highness Prince Faisal bin Salman bin Abdulaziz Al Saud - Governor of Madinah, the Knowledge Economic City Company (the company) signed a contract for the execution of structural works for the mall of Knowledge City Hub project within the phase of the project that includes the mall, the hotel, the residential tower, the commercial boulevard and the car parking. |
| Date of Announcement of the Award | 2021-04-22 Corresponding to 1442-09-10 |
| Contract Subject Matter | Executing the structural works for the mall of the Knowledge City Hub project |
| Date of Signing the Contract | 2021-04-22 Corresponding to 1442-09-10 |
| Contract Value | SAR 242 Million |
| Contract Details | Execution of structural work for the mall |
| Contract Duration | 18 month starting from May 2021 |
| Financial Impact and the Relevant Period | Contract cost shall be covered from the liquidity available to the company and from the bank financing provided to the project. The contractor shall be paid in parts according to the work progress, and therefore it is difficult to determine the financial impact and the FS period will be impacted. |
| Related Parties | No related party among contract parties |
| Additional Information | The Knowledge City Hub project is located in the northern region of the Knowledge Economic City and is linked to the Prophet’s Mosque, the airport and the main axes of Madinah through King Abdul Aziz Road. Engineering designs have been made by one of the international designers known for designing distinct projects at the regional and international level. |
The project has been designed in a way that takes into account the company's desire for the project to provide a distinct urban environment and lifestyle for the residents and visitors of Madina within a mixed-use urban development that combines shopping, residential and entertainment services, including a mall linked with the (5-stars) Hilton Hotel and the branded residence units. The project includes a mall, entertainment halls, a cinema and a health club, in addition to a commercial boulevard area overlooking a park, green spaces and an arena for entertainment shows. The land area of the project in its first and second phases is about 186 thousand square meters, and the commercial rental area for the entire project is about 122 thousand square meters. In addition to the development of a public park on an area of 65 thousand square meters, to host recreational activities and programs.
It is expected to complete the implementation of the first phase and the operation of the project in 2024.
The contract was signed as part of a special ceremony for signing agreements and launching a number of projects under the patronage of His Royal Highness Prince Faisal bin Salman bin Abdulaziz Al Saud - Governor of Al-Mdina Almunawwarah. The contract was signed by the CEO of Knowledge Economic City Company, Eng. Sami Al-Makhdhoub, and the CEO of Al-Saad Contracting Company Mr. Issam A. Kronfol.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.