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Knowledge Economic City Announces the Signing of a Contract with Alsaad General Contracting Company
| Element List | Explanation |
|---|---|
| Introduction | Knowledge Economic City Company the (Company) announcing the signing of electromechanical and finishes works for the KEC Hub mall project, previously called (Wasat Almdinah) |
| Date of Announcement of the Award | 2023-06-21 Corresponding to 1444-12-03 |
| Contract Subject Matter | Execution of the electromechanical and finishes works for the KEC Hub mall project the (Mall). |
| Date of Signing the Contract | 2023-06-21 Corresponding to 1444-12-03 |
| Contract Value | SR 506,607,263 excluding VAT |
| Contract Details | Contract for execution of electromechanical works (MEP) and finishing works for the Mall including electrical networks (different voltages), communication (ICT), panelboards, lighting, control systems, and alarm systems. It also includes lifts, elevators and escalators, HVAC systems, piping for water supply & drainage, insulation, sanitary works, and all types of finishing works which comprise aluminum, elevations, facades works. |
| Contract Duration | 22 and a Half Months |
| Financial Impact and the Relevant Period | The contractor dues will be paid in installments per monthly payment certificates 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 22.5 months. |
| Related Parties | No related party. |
| Additional Information | The KEC HUB project is located in the northern part of Knowledge Economic City development extending for a distance of 450 m on King Abdul-Aziz Highway. Its location is very strategic and vital since it links Prince Mohammed Bin Abdul-Aziz Airport in Madinah to The Holy Mosque passing through the Haramain High Speed Railway station (HHR) and Knowledge Economic City. This is turn facilitates access to the project’s site. The project’s connectivity to other major projects, which are being developed in Madinah, renders it even more significant as the site is approximately 5 kms away from The Holy Mosque, 2.9 kms away from the Haramain High Speed Railway station and 6.6 kms away from Qubba Mosque. Prince Mohammed Bin Abdul-Aziz Airport is approximately 10 kms away. The KEC HUB project (phase 1), which is being executed by Al-Saad General Contracting, consists of a shopping mall, a 5 stars Hilton Hotel tower comprising 350 rooms, and a branded residences tower including 64 residential units, which are directly linked to the hotel, the boulevard and the shopping mall. The project provides hospitality, residence, shopping and entertainment facilities for Madinah residents and visitors through all the necessary services and amenities from shopping centers, boulevard, coffee shops, restaurants, heritage zone as well public places and gardens. The project is being built on 65,000 m2 of land including many types of facilities and entertainment. The project is financed through a financial facility of 782M SAR equally split between the Tourism Development Fund and Riyad Bank. The works have started on KEC HUB project in 2021. KEC is making profit from the hotel operator’s technical consultancy services from design to execution with Hilton International to manage and operate the hotel. Leasing agreements were also signed with tenants on the shopping mall and other sparts of the project. Letters of interest were equally signed with potential tenants through specialized consultants in the commercial and investment fields. It is planned/scheduled to complete KEC HUB project phase (mall, hotel and branded residences) by 2025, knowing that the projects phases 1 and 2 will cover 186,000 m2 with a leasing area of 122, 000 m2. |
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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