6 Hrs
Source:
الاقتصادية
Knowledge City and AlMajdiyah project valued at 2.8 billion
Al-Majdiyah Company and Madinah Knowledge City announced the signing of a Memorandum of Understanding (MoU) to develop a residential and commercial real estate project in Knowledge Economic City in Madinah, with an estimated value of over 2.8 billion SAR. The project will include 2,700 residential apartments for sale, in addition to a commercial component on the ground floor and designated parking areas, aiming to generate revenues exceeding 4 billion SAR. The MoU focuses on organizing the partnership between the two parties, where Knowledge City will contribute the land in exchange for a stake in the fund, while Al-Majdiyah will make cash payments and undertake development and management tasks. Capital Hill will manage the proposed fund. The project's implementation requires completing necessary inspections and regulatory requirements, with a 90-day exclusivity period for negotiations and studies. Any financial impact will be announced after final procedures are completed.
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