KEC subsidiary signs 2 SAR 149M contracts for IWD Project phase 1

Knowledge Economic City (KEC) and its subsidiary, Algharraa International Real Estate Development Co., signed two contracts, today Nov. 4, for the first phase of the Islamic World Avenue project (IWD) valued at SAR 149 million.

In separate statements to Tadawul, the company said the first contract was signed with Alghanim International Co. for construction and integrated mechanical, electrical, and plumbing (MEP) works for Cluster 1 of Phase 1, in line with approved designs, agreed specifications, and regulatory requirements.

The contract is valued at SAR 84.9 million, excluding taxes, covering a construction area of 86,000 square meters and providing over 1,000 hotel units.

The second contract was signed with China Gezhouba Group Corporation (CGGC) for construction and integrated MEP works for Cluster 2 of Phase 1, also in accordance with approved designs, specifications, and regulatory requirements.

The contract is valued at SAR 64 million, excluding taxes, covering 62,000 square meters and providing over 770 hotel units.

The first contract has a duration of 20 months, while the second spans 18 months, the statement added.

Contractor payments will be made in installments based on monthly progress reports, spreading the financial impact of cash outflows over the project’s construction period.

The IWD Project occupies a strategic location at the intersection of King Abdulaziz and Prince Nayef main roads in the southeastern part of KEC.

The company has allocated approximately 900,000 square meters for the development, designed according to the Transit-Oriented Development (TOD) concept.

The site is about 100 meters from the Haramain High-Speed Railway Station and is directly connected via the Madinah Gate Project.