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City of Knowledge appoints Al-Bilad Financial to establish a real estate investment fund
The Knowledge Economic City Company announced the signing of a non-binding memorandum of understanding with Albilad Capital to manage a private real estate investment fund. The fund aims to finance and develop the Madinah Forum project, which includes two luxury hotels with a total of 615 rooms and branded residential units, with an estimated development cost of approximately 1.5 billion riyals. The project is designed to support the tourism and hospitality sectors in line with Saudi Arabia's Vision 2030. The agreement remains valid until the establishment conditions are met, necessary approvals are obtained, or funding is completed. It is anticipated that the fund will contribute to supporting the sustainable development strategies of the project.
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