The entire project will be competed by the first half of 2025
Knowledge Economic City Company has awarded a SR507 million ($135 million) electromechanical and finishing works contract to Alsaad Company for its upcoming retail project, KEC Hub, located in the northern part of the KEC development.
The scope of work includes electrical networks (different voltages), communication (ICT), panelboards, lighting, control systems, and alarm systems in addition to the setting up of lifts, elevators and escalators as well as the HVAC systems, piping for water supply and drainage, insulation and sanitary works, said KEC in its filing to the Saudi bourse Tadawul.
The finishing works contract included those related to aluminum, elevations and facades, it stated.
The KEC HUB project will be spread over a 450 m area on King Abdul-Aziz Highway. Its location is very strategic and vital since it links Prince Mohammed Bin Abdul-Aziz Airport in Madinah to the Main Mosque passing through the Haramain High Speed Railway station (HHR) and Knowledge Economic City.
The first phase of the KEC HUB project, which will come up on a 65,000 sq m area, will provide a mix of hospitality, residential, commercial and entertainment elements to its residents.
Being executed by Al Saad General Contracting, the Phase I comprises a shopping mall, a 5-star property by Hilton Hotels featuring 350 rooms in addition to a branded residences tower including 64 residential units, which are directly linked to the hotel, the boulevard and the shopping mall.
The project also boasts shopping and entertainment facilities including a boulevard, coffee shops, restaurants, heritage zone as well public places and gardens.
The works began on KEC HUB project in 2021. Leasing agreements were signed with tenants on the shopping mall and other sparts of the project, said KEC in the bourse filing.
The key KEC development is being funded through a SR782 million ($208 million) finance facility equally split between the Tourism Development Fund and Riyad Bank.
