On July 12, 2026, Knowledge Economic City announced the signing of a non-binding Term Sheet with Albilad Capital to appoint it as fund manager for the establishment, offering, and management of a closed-ended private real estate investment fund aimed at financing the development of Multaqa Hospitality Cluster 1 within its Multaqa Almadinah project. The project comprises a JW Marriott Hotel with approximately 288 keys, a Marriott Hotel with approximately 327 keys, and approximately 295 branded residential units, with an estimated total development value of approximately SAR 1.5 billion including land value. The Term Sheet will remain in force for an exclusivity period of 6 months, subject to obtaining all required regulatory approvals and satisfying the agreed conditions, with the fund intended to provide financing through equity contributions and bank financing. The initiative is expected to advance the Company's development strategy in the hospitality sector and support the broader Multaqa Almadinah masterplan.

Original announcement:

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