Riyadh – Mubasher: Knowledge Economic City signed a strategic framework agreement with Ouda Mubarak Al Beladi & Sons Contracting Company (ABASCO) valued at SAR 78.30 million.

The contract, which was formally signed on 13 July 2026, covers the execution of excavation and earthworks for several of the company’s upcoming development projects.

Under the terms of the three-year agreement, ABASCO will perform general and rocky excavation, backfilling, compaction, and the disposal of surplus materials.

The scope also includes temporary shoring and protection works in accordance with approved technical specifications and designs.

Knowledge Economic City stated that the framework serves as a strategic tool to accelerate project timelines by fixing excavation prices for the duration of the contract.

This approach is intended to leverage economies of scale and improve procurement efficiency compared to individual project tenders.

Financial impact will be reflected through monthly progress payments based on fixed unit rates for cubic meters excavated, resulting in cash outflows distributed over the three-year period.

The Saudi-listed firm confirmed there are no related parties involved in the transaction.

Earlier this week, Knowledge Economic City penned a non-binding term sheet with Albilad Capital to appoint the latter as the manager for a private closed-ended real estate investment fund.