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Jeddah - Yasmine El Tohamy - RIYADH: The Knowledge Economic City Co. has signed an agreement with Gulf International Bank Capital for SR3.5 billion ($933 million) in a bid to establish a real estate investment fund.
The initiative is poised to launch the initial phase of the Islamic World District in Madinah and will span over 140,000 sq. meters, transforming the land area into a mixed-use development.
The site will include hospitality, residential, retail, entertainment, and cultural zones, providing over 5,000 hotel keys, 743 residential apartments, plus a designated area of 24,000 sq. m. for retail shops.
GIB Capital is a subsidiary of Gulf International Bank, owned by the governments of the Gulf Cooperation Council, in which Saudi Arabia’s Public Investment Fund holds a 97.2 percent stake, according to the bank’s 2022 annual report.
The project aims to enhance the visitor experience in Madinah, a city that holds historical significance as the first capital of Islamic civilization and a destination that draws millions of pilgrims and tourists annually.
The initiative plans to offer high-quality residential and hospitality services, plus directly connect visitors through eco-friendly transportation to the Prophet’s Mosque, the Haramain High-Speed Railway, the international airport, and the Grand Mosque in Makkah.
The Madinah-based developer is undertaking over 900,000 sq. meters, with all project phases expected to provide more than 14,000 hotel rooms and 7,500 residential apartments upon completion. These include retail shops, restaurants, cafes, museums, and related services.
This venture further implements an agreement between the KEC and the “Doyof Al-Rahman Program” that aligns with the Kingdom’s Vision 2030, which aims to facilitate the hosting of additional visitors to the region while enriching the religious and cultural experience of Umrah and Hajj pilgrims during their visit to Madinah.
It also fulfills the objectives of Madinah governorate, the Ministry of Tourism and the Ministry of Culture as part of the “Quality of Life Program,” which seeks to improve open spaces, green areas, and tunnels, supporting the “humanization of cities” concept.
KEC is a publicly traded company that was established to execute Knowledge Economic City projects.
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