Riyadh – Mubasher: Knowledge Economic City (KEC) has signed a preliminary deal with Riyadh Capital to manage a real estate investment trust (REIT).

The planned REIT will develop the Madinah Gate project, close to Haramain High-Speed rail station in Madinah, according to KEC’s statement to the Saudi Stock Exchange (Tadawul) on Thursday.

The Madinah Gate project targets increasing the total number of pilgrims alongside the Saudi Vision 2030, intended to diversify the kingdom’s economy and invest more heavily in infrastructure.

The agreement includes the main contract terms, including financial liabilities, the fund term, the scope of work, and other work-related appointments.

The project’s first phase comprises the development of 300 hotel units, hypermarkets, shops, restaurants, and an entertainment park with a leasing space of 14,000 square meters.

KEC noted that the deal, with no related parties involved, has no financial impact.