On July 20, 2026, Knowledge Economic City (KEC) announced the signing of a Real Estate Development Agreement with Alrashid Properties on July 19, 2026, appointing Alrashid Properties as the developer of the "Multaqa Residences" project — a strategic mixed-use development located on King Abdulaziz Road in Al-Madinah Almunawarah, covering a land area of 149,520 square meters. Under the agreement, Alrashid Properties will be responsible for the design, financing, construction, marketing, sales, and delivery of the project, while KEC will retain ownership of the land, which has been valued at SAR 9,000 per square meter, representing an indicative land value of SAR 1,345,680,000 (with a book value of approximately SAR 94 million). The estimated development cost is approximately SAR 2.6 billion (excluding land value), with total project revenues expected to reach approximately SAR 5.0 billion, and the project implementation period is 54 months from the date of execution. The partnership is expected to accelerate development of the Multaqa District, enhance KEC's land portfolio value, strengthen liquidity, and support the objectives of Saudi Vision 2030.

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