Knowledge Economic City Company has announced it has signed a conditions agreement with Riyadh Capital Company  to become the development manager for Madinah Gate Fund’s Madinah Gate project.

In filing to the Saudi bourse Tadawul, announcing the deal for the management of Madinah Gate Fund Project Development, KEC said that it was signed by the group’s CEO, Engineer Sami Al Makhdhoub and Riyadh Capital CEO Sabti Al Sabti, under the patronage of Prince Faisal bin Salman bin Abdulaziz Al Saud, Governor of Al Madinah Al Munawwarah.

The statement explained that the project covers 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 four-star hotel and hotel apartments, retail, shops, restaurants, and an entertainment area, and a bus station connected directly to the train station, said KEC.

The development includes a commercial and entertainment centre across 23,000 sqm of leasable area with 78 shops, 39 restaurants and cafes, two entertainment centres, a cinema with 800 seats capacity, and 800 parking spaces.

In 2019, KEC appointed 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 concluded.