KEC Signs Preliminary Deal with Dar Al Majdiah Real Estate for SAR3 Billion Saudi Residential Project

01:45 AM EDT, 09/15/2026 (MT Newswires) -- Knowledge Economic City (SASE:4310) or KEC, entered into a 90-day memorandum of understanding with Dar Al Majdiah Real Estate (SASE:4326) to jointly develop a residential project in Madinah, Saudi Arabia. The estimated 2.8 billion-Saudi-riyal project will include 2,700 apartment units and a ground-floor commercial area, according to a Tuesday release. A new closed-ended real estate investment fund will own, finance and develop the project, with KEC holding an 80% stake and Dar Al Majdiah the remaining 20%. KEC will contribute the project land, initially valued at 875.4 million riyals, in exchange for 89 million riyals in cash and fund units valued at 786.4 million riyals. Dar Al Majdiah will serve as development manager.