Knowledge Economic City Awards Infrastructure Contract in Madinah

Knowledge Economic City (KEC) announced that its subsidiary, Algharraa International Real Estate Development Company, has awarded a contract to SALCO Saudi Contracting Company. The contract, valued at 91 million Saudi riyals ($24.28 million), is for executing infrastructure works in the southeastern district within the KEC masterplan in Madinah. The project is expected to be completed in 24 months. SALCO will be responsible for a range of infrastructure tasks including general site works, earthworks, excavation and backfilling, roads and pavements, and various utility networks such as potable water, sewerage, stormwater drainage, irrigation, firefighting, electrical, street lighting, ICT infrastructure, and district cooling. This initiative is part of KEC's broader strategy to enhance its development sites, attract investments, and facilitate the launch of new projects. The contract value will be paid through monthly progress payments based on the actual percentage of completed works. Additionally, KEC reported that residential unit reservations by non-Saudi property buyers have exceeded SAR 547 million in the Al-Alya mixed-use development in Madinah.