| 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 reference to the company’s announcement dated 4 July 2019 on Tadawul website about the initial agreement appointing 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, with the agreement defining the obligations of the parties, the duration of the fund, the scope of work, the criteria for appointing the fund’s board of directors, development committees, selecting the lead developer, and appointing the project developer, with the provision that the final agreement will determine the final contract terms,
The company announces the signing of an investment agreement with Riyad Capital on 22 April 2021 whereby the Knowledge Economic City invests SAR97 million in the Real Estate Investment Fund as cash contribution to the fund - self financed from the available liquidity to the company.
In addition to the company's in-kind and cash contribution into the fund, the Knowledge Economic City Company will develop a bus station project and related services on its land plot adjacent to the Madinah Gate Fund’s location to serve the fund project and future projects in the vicinity of the Haramain High Speed Train Station.
The signing of the agreement comes to complement the previous agreements signed and announced on the Tadawul website including the agreement with the Hilton to manage and operation the 325 room project hotel, as well as providing engineering consultancy during the design and construction phase through the Double Tree by Hilton brand.
According to the project execution plan, it is expected to start construction in August 2021 and to be completed by the end of year 2023 with the hotel completed in May 2024.
The agreement was signed under the patronage of His Royal Highness Prince Faisal bin Salman bin Abdulaziz Al Saud, Governor of Al-Madina Almunwwara and signed by Eng. Sami Almakhdhoub and CEO of the Riyad Capital Mr. Sabti Al-Sabti.
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