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Knowledge Economic City Announces Contract Sign-Off with Elkhereiji Commerce and Contracting Company for the Execution of the Electromechanical, Finishing, and Landscaping Works for the Residential Buildings at Al-Alya Project
| Element List | Explanation |
|---|---|
| Introduction | The Knowledge Economic City (Company) announces the signing off a contract with Elkhereiji Commerce and Contracting Company to execute the electromechanical, finishing, and landscaping works for a group of 8 residential buildings providing 264 residential apartments of various sizes currently being implemented within the first phase of Al-Alya mixed-use project. |
| Date of Announcement of the Award | 2024-04-04 Corresponding to 1445-09-25 |
| Contract Subject Matter | Implementing electromechanical, finishing, landscaping, and site work for a group of 8 residential buildings providing 264 residential apartments of various sizes currently being implemented within the first phase of the Al-Alya mixed-use project. |
| The Entity with Which the Contract was Signed | Elkhereiji Commerce and Contracting Company |
| Date of Signing the Contract | 2024-04-04 Corresponding to 1445-09-25 |
| Contract Value | SAR171,126,263 excludes VAT |
| Contract Details | The contract for executing electromechanical, finishing, and landscaping works for a group of 8 residential buildings providing 264 residential apartments of various sizes currently being implemented by Elkhereiji Commerce and Contracting Company. |
| Contract Duration | 20 Months commence on 5 May 2024 |
| Financial Impact and the Relevant Period | The contractor's dues will be paid in installments per monthly payment certificate based on work progress. Accordingly, the financial impact is represented in the cash outflow for the amount payable to the contractor over a period of 20 months starting from the end of May 2024. |
| Related Parties | No related party. |
| Additional Information | Al-Alya is one of the main projects in the Knowledge Economic City and represents a project with mixed-use components within a gated complex “compound” that combines hospitality, housing, offices, retail, and education services, which were designed to respond to the urban trend “humanizing cities” and the quality of life program that relies on green areas and pedestrian walkways to create a style and quality of life. to meet the Kingdom’s ambitious vision “2030”. The project aims to enable local and foreign companies, businessmen, and digital entrepreneurs to work in Medina. The project is being developed in the area overlooking Safwan Street (which is 40 meters wide), on a 269 thousand square meters development divided into plots of different sizes. It has been studied and designed according to the hierarchy of wide corridors and roads, which achieves many benefits in the package of main and secondary streets. In the middle of the project is a garden with an area of approximately 60,000 square meters, out of which a thousand linear meters separate pedestrian traffic from car traffic to encourage walking, including full access for people with special needs. The project includes two groups of offices designed with flexible workspaces to encourage work and innovation. These areas are linked to hotels and residences overlooking a kilometer-long park, serviced apartments, and residences equipped with smart home technology. It is linked to other phases to form a continuous series of gardens, open spaces, and pedestrian paths within open artistic treatments of Islamic arts and heritage. The project also includes a 4-star hotel with 130 room keys managed by the Hyatt International Group under the Hyatt Centric brand. It also includes 4-star hotel apartments with 420 apartments managed by the Hyatt International Group under the Hyatt House brand. Through the brand Hyatt House. It includes serviced apartments with a number of (420) apartments managed by the Company, and residential apartments with approximately (1,000) apartments of various sizes that are available for sale to those wishing to enjoy distinguished housing within a closed and serviced complex, through the off-plan sales system under the supervision of the Economic Cities and Special Zones Authority. The project also contains 70 connected villas, commercial spaces, a large mosque, and a nursery. The concrete structure of 264 residential apartments is currently being executed by the contractor, ElKhereiji Commerce and Contracting Company. The site works for the hotel and hotel apartments area are ongoing, and contracting works are being arranged in preparation for the award. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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