KEC inks 3 agreements with China Gezhouba Group at SAR 3.6 bln

Knowledge Economic City Co. (KEC) signed on Oct 17 three preliminary agreements with China Gezhouba Group International Engineering Co. to finalize the contracting works of the projects related to the framework agreement signed in June 2023.

The new agreements determine the estimated project cost, payment schedule and cost settlement mechanism, provided the agreement on the cost of the contracting works is finalized after determining other project details, KEC said in a statement to Tadawul.

The preliminary costs of these agreements are estimated at SAR 3.6 billion.

The signed agreements comprised Al-Alya Project and Islamic World District Project-Phase I.

KEC signed on June 16 a framework agreement with China Gezhouba Group to support the development of the Saudi-listed company’s projects, according to data compiled by Argaam.

Source: Argaam