Riyadh – Mubasher: Knowledge Economic City (KEC) has signed a SAR 23.4 million deal with Chapman Taylor.

Under the deal, Chapman Taylor will design KEC’s new Down Town project, according to a bourse filing on Sunday.

The 52-week contract was awarded to the global architect and master planner of megaprojects on 21 May.

The contract’s first phase comprises studying the project site, preliminary designs, execution phases and estimates cost.

Meanwhile, the second phase will contain detailed designs and the project scheme, the statement added.

The Saudi-based company noted that the deal has no financial impact, adding that the project’s cost will be paid in installments based on work progress.

KEC pointed out that the costs will be paid from the company’s cash.

The company said that the new development will be established on an area of 129,000 square metres, of which 77,000 square metres will be allocated for the mall and boulevard.