The subject fund aims to develop the first phase of the Islamic World District as a mixed-use development that comprises hospitality, residential, retail, entertainment, and cultural areas. With a total investment of SAR 3.5 billion for this phase to be developed over a land area of approximately (140) thousand sqm, this phase will provide about (5,061) hotel keys and (743) residential apartments, in addition to an area of (24) thousand sqm designated for retail shops.

The Islamic World District project has been positioned in a strategic location in the area adjacent to the Haramain Highspeed Train Station in Madinah over 900 thousand square meters of land area dedicated to the all-project phases to be developed as a Transit Oriented Development TOD due to its connectivity to the train station through the Company’s project “Madinah Gate” and the benefit from the traffic mass to and from the Prophet’s Mosque, Prince Mohammad bin Abdulaziz International airport and the Grand Holy Mosque in Makkah. The project serves residential and hospitality sectors by providing around (14) thousand hotel keys and (7,500) residential apartments with complementing services such as retail shops, restaurants, cafes, museums, and related services that come in line with the objectives of the Ministry of Tourism to enhance all hospitality sector services.

The project provides a large reception center, a cultural and social center, and retail spaces with pedestrians and parks linking all project components and connected by smart mobility means, with agreements being discussed with several service providers, including hotel operators.

The project supports the implementation of the signed agreement between the Company and the Deyouf Alrahman Program with its main objective to achieve the goals of the Kingdom’s Vision 2030 in general and the goals of the program in particular, which focuses on facilitating hosting more visitors to the Kingdom, facilitating access to the Two Holy Mosques, enriching the religious and cultural experience of pilgrims and umrah visitors, and improving the quality of services provided to them, in addition to the alignment with the objectives of Madinah Governorate, the Ministry of Tourism and the Ministry of Culture as part of the Quality of Life Program as the project provides open spaces, green areas, pedestrian, and tunnels supporting the concept “humanization of cities”.

Due to the indirect interest of the Board of Directors’ Chairman of Knowledge Economic City Company, Mr. Amin Shaker, in the subject agreement being the full brother of the CEO of GIB Capital, Mr. Osama Shaker, as such, this agreement will be treated under the relevant regulations including the presentation to the upcoming AGM of the Company, noting that GIB Capital is entirely owned by Gulf International Bank.