Knowledge Economic City Signs SAR 91 Million Infrastructure Contract with SALCO Saudi Contracting Through Its Subsidiary, Algharraa International Real Estate Development
Knowledge Economic City (KEC), the publicly listed master developer leading Madinah’s urban transformation, has announced that its subsidiary, Algharraa International Real Estate Development Company, has signed a contract with SALCO Saudi Contracting Company to deliver the infrastructure works for the Southeastern District of Knowledge Economic City. Valued at approximately SAR 91 million, excluding value added tax, the contract forms part of the company’s plan to complete the development of its land infrastructure and prepare its sites to attract investment and launch future development projects.
The works, to be delivered over 24 months, cover the area north and south of Sheikh Ibn Baz Road. The scope of work includes general site works, excavation, backfilling and grading, roads and pavements, potable water, sewerage and stormwater drainage networks, irrigation and firefighting networks, electrical works and street lighting, and ICT infrastructure and the district cooling network all delivered in accordance with approved engineering designs technical specifications and the requirements of the relevant authorities.
The Southeastern District is one of the most significant future development areas within Knowledge Economic City. The infrastructure works will serve several strategic projects currently under development and planned for launch in the next phase, most notably the Knowledge Gardens project alongside residential, commercial, hospitality and mixed-use developments, enhancing urban integration while improving the quality and efficiency of infrastructure and public services.
The works will also accelerate land development, strengthen the investment environment for developers and investors, and enhance the company’s ability to launch projects on schedule, supporting the Company’s strategy to maximize the value of its 6.8 million square meter land portfolio while diversifying revenue streams.
The agreement supports anticipated growth in demand for real estate within Knowledge Economic City, reinforced by recent regulatory developments that have expanded investment and ownership opportunities for non-Saudis. It also contributes to the goals of Saudi Vision 2030 by helping meet expected demand for residential units, hospitality and supporting services, while strengthening Madinah’s position as a leading investment, residential and tourism destination.
Dr. Moath Al-Yahya, CEO of Knowledge Economic City, said:
