Riyadh – Mubasher: Knowledge Economic City (KEC) signed a SAR 13.59 million contract with the international project planning firm, IBI, to design Madinah Gate project.

Under the 42-week contract, KEC will carry out the two phases of design works of Madinah Gate project, according to a filing to the Saudi Stock Exchange (Tadawul) on Tuesday.

The first phase will include general studies, preliminary designs and estimated costs.

Meanwhile, the second phase will include the detailed designs, bids and executive plans.

KEC noted that the designs works will take around three years and will have an estimated cost of SAR 385 million.

Madinah Gate project will be built on an area of 37,000 square meters, and it will comprise three main stages.