KEC Signs Preliminary Deal for SAR2.5 Billion Mixed-Use Project in Saudi Arabia

04:41 AM EDT, 09/08/2026 (MT Newswires) -- Knowledge Economic City (SASE:4310) or KEC, said Tuesday it entered into a 90-day memorandum of understanding with Kaden Investment Co. to jointly develop the Multaqa Al Madinah 2 mixed-use project in Madinah, Saudi Arabia. The 2.5 billion-Saudi-riyal project includes the construction of residential, commercial, and office spaces as an extension of the existing Multaqa Al Madinah development. A new closed-ended real estate investment fund will own, finance and develop the project, with KEC holding a 75% stake and Kaden the remaining 25%. KEC will contribute the project land, initially valued at 692.3 million riyals, in exchange for fund units valued at 624.6 million riyals and 67.8 million riyals in cash. Kaden will serve as development manager.