Riyadh Capital Company has appointed Knowledge Economic City Company (KEC) as the development manager for its key project - Madinah Gate. 

 

Announcing the deal for the management of Madinah Gate Fund Project Development, KEC said it was signed by the group's CEO Engineer Sami Al Makhdhoub and Riyad Capital CEO Sabti Al Sabti under the patronage of Prince Faisal bin Salman bin Abdulaziz Al Saud, Governor of Al Madinah Al Munawwarah.

 

The project will see the development of land adjacent to the Haramain High Speed Train Station in Madinah and the area overlooking Prince Nayef Road and construct the first Transit Oriented Development project in the kingdom over this land with a development of three main components; a 4-star hotel and hotel apartments, retail, shops, restaurants, and an entertainment area, and a bus station connected directly to the train station, said KEC in its filing to the Saudi bourse Tadawul. 

 

The detailed development includes a commercial and entertainment centre with 23,000 sq m leasable area with 78 shops, 39 restaurants and cafes, two entertainment centers, a cinema with 800 seats capacity, and 800 parking spaces.

 

KEC had in 2019 announced the appointment of Riyad Capital Company as the manager for the real estate investment fund to be launched to undertake the development of the phase one of the Madinah Gate Project.

 

This was mainly to facilitate the appointment of a development manager to undertake designs management, development management and supervise construction processes and other management issues, it added.-TradeArabia News Service