Knowledge Economic City (KEC) has signed an agreement with Saudi group Alrashid Properties to develop a mixed-use project – the Multaqa Residences – in Madinah on a 149,520-sq-m area.

Once completed, the SAR1.35-billion ($359 million) project will boast a mix of residential units, branded homes and commercial space as well as hotels, retail and hospitality assets, said KEC in its filing to Saudi bourse Tadawul.

Under this, KEC will retain ownership of the land and will be the master developer, while Alrashid Properties will oversee the project's design, engineering, financing, construction, delivery and maintenance.

The project will be developed under the Off-Plan Sales Regulations on a 149,520-sq-m project site in compliance with all applicable laws and regulations, it stated.

In another development, KEC sold prime plots covering 17,624.85 sq m within its premises to two key entities – Al Bawaba International Investment and Olu Real Estate Company – for SAR229 million. 

The duo will be using these plots (C06-6 and C06-3) located within the KEC masterplan for the development of a mixed-use project.As per the deal, the project will be set up through a private real estate investment fund to be jointly owned by Al Bawaba and Olu Real Estate. 

Among other developments, KEC also awarded a SAR118-million ($31 million) mechanical, electrical and plumbing (MEP) contract to Astra Construction Company for the Riyadh Schools Complex coming up within its premises.

The school complex is part of the implementation of the strategic agreement between KEC and Riyadh Schools Holding Company, an affiliate of the Mohammed bin Salman Foundation (MiSK).