Riyadh - Mubasher: Knowledge Economic City (KEC) signed a contract with China Gezhouba Group Corporation (CGGC) on Sunday evening to implement the entire contracting works for a group of additional residential towers in the multi-use Alia project, for a group of 7 residential towers that provide a number of upscale residential units with various areas .

The contract was signed under the patronage of Prince Salman bin Sultan bin Abdulaziz Al Saud, Governor of Madinah, and within the activities of the Madinah Investment Forum held at the Madinah Chamber of Commerce.

Knowledge City clarified, in a statement on Tadawul today, Monday, that the value of the contract amounts to 502.97 million riyals, and its duration reaches 30 months starting from the date of issuance of building permits.

The company added that the contract includes the implementation of all residential tower contracting works, including electromechanical works and finishing works for a group of 7 residential towers, providing a number of upscale residential units with various areas within the first phase of the multi-use Aliya project, to represent an addition to the residential units currently being implemented in the project.

Knowledge City noted that the contractor’s dues will be paid in installments based on monthly extracts based on the contract tasks that are implemented. Accordingly, the period on which the financial impact will be reflected in the form of cash outflows to pay the contractor’s dues will be distributed over the duration of the project contract, which is 30 months .

Al Alia project is one of the pivotal projects in the Knowledge Economic City. Its various components are distributed over an area of 270 thousand square meters. It includes approximately 2000 units distributed over 1000 residential apartments for those wishing to live in closed complexes, 430 hotel apartments managed by the International Hyatt Hotels Group under its well-known brand Hyatt House, and 430 serviced apartments managed by the Knowledge Economic City, in addition to 70 upscale residential villas (mansions).

It also includes administrative buildings, commercial areas, a mosque, and health clubs distributed within the project. It includes the Hayat Centric Hotel with 148 hotel rooms, and a central garden with an area of more than 40 thousand square meters, in addition to other open spaces, bringing their total to about 70 thousand square meters.

The company stated that signing this contract with the Chinese Gezhouba Group Company (CGGC) comes as a result of the framework agreement that was signed with them under the auspices of the Minister of Investment during June 2023. It is a leading company in a number of fields and has rich experience and competitive strength in the field of foreign investment, engineering, operation, technical services, planning, design, implementation and project management - for various projects.

It is owned by China Energy Engineering Corporation Limited , one of the largest state-owned enterprises in China, which in turn owns a group of companies operating in a number of specializations. In addition, it is listed on the Fortune Global 500 companies list and ranked second among the top 150 global engineering design companies and eleventh among the top 250 global contractors in its field of business with more than 256 branches and subsidiaries covering 147 countries around the world and has 6 regional headquarters to manage a variety of businesses in America, Asia and Africa, providing comprehensive and integrated solutions for a wide range of business fields .

396 residential apartments are currently being implemented by the contractor Al-Khuraiji Trading and Contracting Company, which have been made available for sale through the off-plan sales system under the supervision of the Special Economic Zones and Cities Authority .