KEC Signs SR1 Billion Deals at Cityscape
Arab News

December 6, 2006

The Knowledge Economic City (KEC), Saudi Arabia's giant knowledge-based industries (KBI) complex in Madinah, which was launched by Custodian of the Two Holy Mosques King Abdullah in June, yesterday signed three major memorandums of understanding (with Siraj Capital Ltd. and PMDC, Savola Group Co. and Malaz Group) as well as two key consultancy contracts (with HOK Canada and IBI Group of Toronto) during Dubai's Cityscape.

"Given Madinah's position as the cradle of Islamic creed and civilization, launching the Knowledge Economic City in the holy city is a renaissance of sorts. We're very excited to be marking Cityscape with the signing of new partnerships with some of the world's best brands and contractors, all focused on this unique project," said Dr. Sami Baroum, CEO, Seera City Company.

The signing with Siraj Capital Ltd. and PMDC (project management and development company) signaled KEC's first Cityscape MOU. The SR375 million ($100 million) MOU aims to develop the project's hospitality sector, including the construction of hotels, residential apartments and an exhibition and convention center. Total built-up area at KEC is planned to reach nine million square meters, inclusive of 30,000 residential units that will cater to an estimated population of 150,000 people.