BUZZ-Saudi's Knowledge Economic City surges to over 1-year high on residential project deal

KEC

KEC

4310.SA

0.00

* Real estate developer Knowledge Economic City's stock 4310.SE jumps as much as 10% to a more than one-year high of 14.53 riyals

** Outperforms benchmark index .TASI, which is up 0.2%

** Appoints Alrashid Properties as developer for Multaqa Residences project

** Project expected to generate about 5 bln riyals ($1.33 bln) in revenue, with land valued at 1.35 bln riyals and development costs estimated at 2.6 bln riyals, excluding land

** KEC will retain land ownership and continue as master developer throughout the agreement term

** YTD, including the session's move, stock up more than 27% vs .TASI's 2.4% gain

($1 = 3.7553 riyals)


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