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Knowledge City signs deal to develop Meeting Point 2
The article concerns the signing of a Memorandum of Understanding between Madinah Knowledge Economic City Company and Kaden Investment Company to develop the "Malkat Al-Madina 2" project in Medina, with a total estimated cost of approximately 2.5 billion Riyals. The project aims to establish a mixed-use complex that includes residential, commercial, and office spaces, offering around 1,527 residential units, as well as leased commercial and office spaces, along with landscaping work for the central park. The structure involves developing the project through a closed real estate investment fund in which the two parties will participate with 75% and 25%, respectively. The company's land will be allocated as an in-kind contribution in exchange for a cash investment from Kaden. The project is expected to generate significant financial benefits, including proceeds from selling the units and leasing the commercial components, with management and investment authorities designated during a 90-day exclusive period.
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