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Knowledge Economic City (KEC) has announced that one of its subsidiaries has signed a SAR 91 million infrastructure contract with SALCO Saudi Contracting Company for works in the southeastern district of the Knowledge Economic City project. The 24-month contract covers infrastructure development, with payments to be made through monthly progress-based installments. The company said the financial impact will be reflected as cash outflows during the execution period. The latest contract follows a series of construction and infrastructure agreements signed by KEC in recent weeks as it advances development across multiple districts of the master-planned project.
Knowledge Economic City (KEC) has announced that its subsidiary has signed an infrastructure contract worth SAR 91 million with SALCO Saudi Contracting Company for the execution of infrastructure works in the southeastern district of the Knowledge Economic City project.
The contract covers infrastructure development for the southeastern district and has a duration of 24 months. Under the agreement, the contractor will receive payments through monthly progress-based installments as work advances.
The company said the financial impact of the contract will be reflected in its cash outflows throughout the execution period, in line with the monthly progress payments linked to the project.
The latest award is part of KEC's ongoing development activity as it continues to advance infrastructure and construction works across its large mixed-use development in Madinah. In recent weeks, the company has signed several contracts aimed at accelerating project execution, including agreements for excavation, earthworks and construction works under different phases of the development.
Knowledge Economic City is one of Saudi Arabia's flagship master-planned developments and is being developed to include residential, hospitality, commercial and mixed-use components, supported by transport-linked infrastructure. Over the past few years, the developer has continued awarding contracts to support the phased execution of the project in line with its long-term development plans.
Source Reuters
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