4 Hrs
Source:
الاقتصادية
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Knowledge City and Al Majidiyah project valued at 2.8B
Al-Majdiah Company announced the signing of a Memorandum of Understanding with each of Madinah Knowledge City and Capital Hill to develop a residential and commercial real estate project in Madinah Knowledge Economic City. The total cost of the project is estimated at 2.8 billion SAR. The project includes the construction of 2,700 housing units for sale, a commercial component on the ground floor, leasing spaces covering up to 8,000 square meters, and 3,500 parking spaces. Madinah Knowledge City expects the project's revenues to exceed 4 billion SAR, while Capital Hill will manage the proposed fund. Al-Majdiah will contribute 111.7 million SAR in cash. Negotiations and studies will continue during a 90-day exclusive period, with the success dependent on completing inspections and regulatory requirements, as final agreements are awaited.
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