Riyadh – Mubasher: Knowledge Economic City signed an agreement with Riyad Capital on 22 April to waive the entire shares of its subsidiary that owns Bawabat Almadinah Real Estate Development Company to Madinah Gate Fund.

The deal value stands at SAR 68 million, with the sale value to be an in-kind contribution to the fund in favour of the subsidiary Al Gharraa International Real Estate Development Company, which owns the total shares of Bawabat Almadinah.

The listed company also announced on Thursday another agreement with Riyad Capital at an investment of SAR 97 million in the Real Estate Investment Fund.

Knowledge Economic City also penned a contract worth SAR 17.4 million to implement structural works for the main mall of the Knowledge City Hub Project, formerly known as Madinah Downtown. This agreement carries a duration of 18 months starting May 2021.

Another agreement worth SAR 242 million was signed for Knowledge City Hub Project to carry out the structural works of the mall, the hotel, the residential tower, the commercial boulevard, and the car parking area.

Knowledge Economic City earlier signed an agreement with Hilton to manage and operate the 325-key hotel, in addition to providing engineering consultancy during the design and construction phase through the DoubleTree by Hilton brand.