Knowledge City inks deal with GIB Capital to develop Islamic World Avenue phase 1

Knowledge Economic City Co. (KEC) signed, on Oct. 29, a framework agreement on behalf of the company and its subsidiary Al Geraa International Real Estate Development with GIB Capital, to establish a real estate investment fund, with an aim to develop the first phase of the Islamic World Avenue project, and subsequently manage the target REIT fund, once the relevant required procedures are completed and the approvals of the competent authorities are obtained.

In a statement to Tadawul, Knowledge City pointed out that the Islamic World Avenue project which is to be developed via the planned REIT fund includes a multi-use destination encompassing hospitality, housing, shopping, entertainment and culture purposes.

The first phase provides about 5,061 hotel units and nearly 743 residential apartments, in addition to a 24,000 square meter (sqm) area of markets and rental shops, spanning a land area of about 140,000 sqm, The investment value for the first phase is expected to hit around SAR 3.5 billion.