Riyadh – Mubasher: Knowledge Economic City penned a memorandum of understanding (MoU) on 7 September 2026 with Kaden Investment to develop the "Madinah Hub 2" project.

The mixed-use development, located in Madinah, has an estimated total cost of SAR 2.50 billion.

The project will be developed on a land area of 92,043 square meters with a total estimated built-up area of 229,117 square meters.

According to the preliminary plan, the development includes 1,527 residential units and a commercial and office component with a net leasable area of 31,108 square meters.

The parties intend to establish a closed-ended real estate investment fund to finance the project. Knowledge Economic City will hold a 75% stake in the fund by contributing land valued at SAR 692.30 million as an in-kind contribution.

Kaden Investment will hold the remaining 25% stake through a cash contribution of SAR 208.20 million and will serve as the development manager.

Upon the execution of final agreements, Knowledge Economic City expects to receive SAR 67.80 million in cash and fund units valued at SAR 624.60 million.

The MoU includes a 90-day exclusivity period for due diligence and final negotiations.

In the first half (H1) of 2026, the listed group’s revenues hit SAR 85.35 million, down 24.11% from SAR 112.46 million a year earlier, primarily due to lower contributions from one of the group's projects.