‎“Knowledge Economic City” to implement commercial market ‎works at a cost of SR506.6 mln

Knowledge Economic City Company announced the signing of a contract for the implementation of electromechanical works and finishes for the commercial market (the mall) in the City Forum project (previously downtown), where the value of the contract is 506.6 million riyals, not including value-added tax, for a period of 22 months and a half.

The company said in a statement today on “Tadawul” that the electromechanical works (electricity and mechanics) and finishes for the commercial market (mall), including electrical power networks, communications, voltage panels, lighting, lighting, control and alarm systems, elevators, escalators, air conditioning and ventilation works, pipe networks and sewers Thermal insulation, sanitary works, all finishing works for buildings, aluminum works and facades

Indicating that the contractor’s dues will be paid in installments according to monthly extracts based on what is being implemented of the contract’s tasks, and thus the period on which the financial impact will be reflected in the cash outflows to pay the contractor’s dues will be distributed during the implementation period.

The City Forum project, which includes the commercial market, is located in the northern part of the Knowledge City on King Abdulaziz Road, with a direct longitudinal facade of 450 meters, and thus benefits from the factors available for its strategic location on this pivotal road that connects Prince Muhammad bin Abdulaziz International Airport with Medina.

The project benefits from linkage elements with other major projects being developed in Knowledge City, as the project is about 5 km away from the Prophet’s Mosque, the Haramain Express Train Station about 2.9 km, Quba Mosque about 6.6 km, and Prince Muhammad bin Abdulaziz Airport. International Airport, which is about 10 km away from the project

The City Forum project (the first phase), which is being implemented by Al-Saad General Contracting Company, includes the commercial market (mall) and the hotel tower with (350) 5-star rooms managed by “Hilton International” and the residential tower that includes apartments The luxury residential brand includes (64) housing units and is directly linked to the hotel, the Boulevard and the commercial market. Thus, the project provides hospitality, housing, shopping and entertainment services to citizens and visitors of Madinah by combining hiking, shopping, housing and entertainment services through its multi-use components such as the market and the main commercial street (Boulevard), cafes and restaurants, and the heritage area, in addition to a public park on an area of 65,000 square meters that embraces activities and entertainment programs. The Tourism Development Fund and Riyad Bank contribute to financing the costs of implementing the project at a value of (782) million riyals equally between them. Work has begun on the implementation of the City Forum project during the year 2021 AD, and the company is working to make maximum use of the operating agreement for the hotel and the agreement to provide technical advisory services. During the implementation that was signed with the Hilton International Group to manage and operate the hotel.

A number of leasing agreements have also been signed in the commercial market and other various elements of the project, and the desire of a number of other tenants has been confirmed with the help of specialized consultants in the commercial and investment sector. In the year 2025 AD, noting that the project, in its first and second phases, will occupy an area of 186 thousand square meters and will provide a rental area of about 122 thousand square meters.