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City of Knowledge to develop Al-Multaqa Residence
Al Madinah Knowledge Economic City Company plans to develop the "Al-Multaqa Residence" project in Madinah at a total cost of 2.6 billion riyals. The project includes branded residential units and commercial areas on a land area of approximately 149,520 square meters. An agreement has been signed with Al Rashid Real Estate to undertake the design, financing, construction, and marketing of the project, which is scheduled to be completed over a period of 54 months, extendable if necessary. The project's goal is to bolster the tourism sector and support Saudi Arabia's Vision 2030 by diversifying economic activities. It is expected to generate revenues of around 5 billion riyals, with the sales proceeds to be shared between the two companies according to the terms of the agreement.
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