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Knowledge Economic City Announces the Signing of A Framework Agreement with China Gezhouba Group International Engineering Company – CGGC
| Element List | Explanation |
|---|---|
| Introduction | Knowledge Economic City Company “KEC” announces the signing of a framework agreement with China Gezhouba International Engineering Group Company “CGGC” - for joint cooperation to support the development of Knowledge Economic City Company projects. The agreement was signed at the Ministry of Investment in Riyadh, in the presence and honor of His Excellency the Minister of Investment the Chairman of the Board of Directors of the Economic Cities and Special Zones Authority, Eng. Khalid bin Abdulaziz Al-Falih, in presence of the Deputy Secretary General for Economic Cities and Special Zones Authority Mr. Mazen Zaki Alsaleh and the presence of the Chairmen of the two companies Mr. Amin M Shaker and Mr. Liu Huailiang. |
| Memorandum Signing Date | 2023-06-16 Corresponding to 1444-11-27 |
| Counterparty | China Gezhouba Group International Engineering Company – CGGC |
| Memorandum Subject | Cooperate in the engineering, procurement, and construction phase for some of identified KEC projects in addition, cooperate to implement project planning, commercial proposal, and technical proposal for other projects, also to cooperate towards financing and investing in KEC projects in accordance with the current and future finance and investment rules and approvals in KSA and China. |
| Memorandum Duration | 6 months |
| Related Parties | No related parties among the agreement parties. |
| Financial Impact | There is no financial impact of the agreement at the present, as the financial impact will be determined according to the subsequent detailed agreements related to each of the projects specified in the agreement separately, according to the nature of the cooperation related to that project. |
| Additional Information | China Gezhouba Group Co International is a leading enterprise in carrying out the “Belt and Road Initiative” and international industrial capacity cooperation with business covering water conservancy, hydropower, thermal power, renewable energy, highways, railways, airports, ports, municipal works, buildings, oil-gas, etc with rich experience and competitive strength in the field of overseas investment, engineering, operation, technical service and project management. It is owned by China Energy Engineering Corporation Limited which considered to be one of the biggest state-owned enterprises in China and listed amongst the Fortune Global 500 company list and ranked as the top 2nd on the ENR Top 150 Global Engineering Design Firms; and 11th on the ENR Top 250 Global Contractors. With over 256 branches and subsidiaries covering 147 countries all over the world with 6 regional headquarters set up to effectively manage its diversified range of businesses in America and Oceania, Southeast Asia, South Asia, Eurasia, Southern and Eastern Africa, as well as Northwestern Africa. CGGC will cooperate with KEC in the engineering, procurement, and construction phase for some of some identified KEC projects such as Hub Residence, Al-Alya Mixed-use Project, and South Area Infrastructure. In addition, CGGC will cooperate with KEC cooperating to implement project planning, commercial proposal, and technical proposal for other projects such as KEC Hub Hospitality, Islamic World District (IWD) Project, Sewage treatment plants and the South Suburb Project. CGGC International with its parent Group “China Energy” and its other affiliates will work to assist with the Chinese financial institutions for the financing and work for finding potential investors or enter with KEC into equity investment direct or indirect through funds or other type of capital structure to participate in the development of the agreement project range contingent the approval for such kind of activity from all relevant authorities of China and KSA and where Saudi systems, rules and regulations of foreign investment allow, to participate in the projects development provided KEC benefits from its regulator - Saudi Economic Cities and Special Zones Authority and its rules and regulations to enable the implementation of the agreement targeted projects which will provide around 16,600 hospitality and residential units in addition to the other components of the targeted projects. |
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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