The Knowledge Economic City Announces Sales Update for Al-Alya Project
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| Announcement Detail | The Knowledge Economic City ("the Company") announces an update on the sales of the residential units at Al-Alya Project, one of the mixed-use projects being developed within the Knowledge Economic City masterplan in Al-Madinah Almunwarah. The project has achieved contracted sales exceeding SAR 520 million, in addition to residential unit reservations by non-Saudi customers valued at more than SAR 547 million, for which down payments have been received. This reflects the continued growth in demand for the project components. The current sales position is as follows: • Total residential units in the project: 1,420 units. • Residential units currently licensed for off-plan sales and available for sale: 1,052 units. • Residential units currently undergoing the process of obtaining off-plan sales licenses: 368 units. • Residential units sold and completed in accordance with the Off-Plan Real Estate Sales and Leasing Regulations: 351 units, with total contracted sales amounting to SAR 520,674,664. • Residential units reserved by non-Saudi customers pending completion of the contractual procedures in accordance with the applicable laws and regulations: 231 units, with total sales reservations amounting to SAR 547,651,875. • Residential units currently available for sale, after deducting sold and reserved units: 470 units. • Total residential units remaining for sale across the entire project: 838 units. The project also includes 70 premium villas, for which the procedures to invite construction contractors are currently being finalized. The financial impact of the unit sales will be recognized in the Company's financial statements in accordance with the International Financial Reporting Standards (IFRS) upon satisfaction of the applicable accounting recognition criteria and the Off-Plan Sale and Lease of Real Estate Projects Law. Al-Alya is one of the Company's flagship mixed-use developments within the Knowledge Economic City masterplan in Al-Madinah Al-Munawarah. The project is being developed as a fully integrated gated community (Compound) in line with the modern urban planning concepts, the Human-Centered Cities initiative, the Quality of Life Program, and the objectives of Saudi Vision 2030. The project occupies approximately 269,000 square meters overlooking Safwan Street, a 40 meters width street. It has been designed to provide a modern urban environment centered around green spaces and pedestrian, with more than 72,000 square meters dedicated to landscaped parks, open spaces, and pedestrian pathways. The road and pedestrian network has been designed using a hierarchical layout to optimize traffic flow, separate pedestrian movement from vehicles, and ensure full accessibility for people with disabilities, creating a safe, attractive, and high-quality residential environment. Al-Alya comprises an integrated mix of residential, commercial, and community facilities, including a hotel, serviced apartments, retail areas, office space, a mosque, a nursery, and an educational complex operated by Riyadh Schools, providing a comprehensive community that meets the needs of residents and visitors while enhancing quality of life. To strengthen the project's hospitality offering, the Company has entered into agreements with Hyatt Hotels Corporation to operate the hotel under the Hyatt Centric brand with 150 hotel keys, in addition to managing and operating 480 serviced apartments under the Hyatt House brand, further enhancing the project's position as a fully integrated destination. To enhance the investment value of the residential units, the Company announced in Tadawul on 4 November 2025 the signing of a partnership agreement with Maison Privee Holiday Homes Rental LLC to establish a specialized company for the management, operation, and short-term leasing of residential units within Knowledge Economic City and Al-Madinah Al-Munawarah. The partnership leverages Maison Privee's international expertise in hospitality management and short-term rental operations. Al-Alya is the first project to benefit from this partnership. The new company will provide homeowners and investors with a professional platform for managing and leasing their residential units, while offering the flexibility to switch between short-term and long-term rental arrangements. This is expected to maximize investment returns for owners, enhance the attractiveness of the residential units to buyers and investors, and increase the long-term value of the project's real estate assets. Al-Alya represents an integrated development combining modern urban planning, premium hospitality, educational facilities, and innovative operational solutions, making it one of the leading mixed-use residential developments. The project further strengthens Knowledge Economic City's position as a premier residential and investment destination, supporting the objectives of Saudi Vision 2030 in advancing the real estate sector, promoting tourism, enhancing quality of life, and serving Deyouf Alrahman. The continued demand for residential units at Al-Alya reflects the project's strategic location, quality, and investment appeal, while supporting the Company's strategy to develop high-quality projects that enhance the value of its assets, strengthen revenues and liquidity, and create sustainable long-term value for shareholders. Furthermore, the continued interest from non-Saudi customers in reserving and purchasing residential units demonstrates the attractiveness of the Kingdom's investment environment and the ongoing development of the regulatory framework supporting investment, in line with the objectives of Saudi Vision 2030 to promote high-quality investments and further develop the real estate sector. |
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