JEDDAH: Knowledge Economic City (KEC) announced Wednesday that its affiliate company Al-Marifa Al-Akaria L.L.C, which is 50/50 percent owned by KEC and Saudi Real Estate Co. (Al-Akaria), has awarded Tuesday a construction contract for 206 villas worth SR176 million to Al-Dar Al-Arabia Company. The project, which will start immediately, represents the first phase of the residential gated community located in the northwestern area of Knowledge Economic City in Madina, and is set for delivery in phases during 2012. Eng. Ali Bin Othman Al Zaid, Chairman of both Al-Akaria and Al-Marifa Al-Akaria L.L.C, said this project falls under the strategic partnership between Al-Akaria and KEC which was announced in January this year to develop and sell real estate projects in Madina starting with this gated villa community – the first gated residential community in Madina within the boundaries of Al-Haram zone. The gated community is the first project in Madina by the Tadawul-listed Saudi Real Estate Company (Al-Akaria), 64.5 percent of which is owned by the Saudi Public Investment Fund. Dr. Sami Mohsen Baroum, Chairman of KEC, said the project was designed to reflect Madina's architectural style, distinguished by quality infrastructure, attractive landscape, cafes, retail shops, vibrant community facilities, and smart connectivity. It also features, among others, green areas, playgrounds and parks for children, walking tracks, gyms and swimming pools for men and women. The community is planned on a total land area of 586,000 square meters and will be developed in 4 phases for a total of 900 villas with investments exceeding SR1 billion. The entire project completion is targeted in 2014. This is concurrent with the significant progress achieved on the KEC infrastructure projects that include linking electricity, water and sewage networks under various contracts valued at more than SR250 million, in addition a SR305 million contract was awarded to Al Rajhi Construction Company, part of Al Rajhi Holding Group, to develop KEC's Northern Area infrastructure. Site works have commenced a few weeks ago. The latest project is synchronous with other projects within KEC's 1st Phase being undertaken in the next four years, including the infrastructure requirements, residential and commercial units, and social amenities. It also features a cultural zone – a destination to Madina's visitors & inhabitants – and educational facilities comprising model schools for boys and girls, an international university, and an integrated compound to accommodate visitors. Eng. Nasser Hassan Naseef was appointed CEO of Al-Marifa Al-Akaria. He has over 15 years of experience in real estate development, finance and business development in the Kingdom. The company also announced an agreement with Midrar Company to supervise the implementation of the 1st phase of villas. KEC is among the economic cities launched to enhance economic knowledge through building a master-planned city featuring integrated infrastructure that benefits from the unique characteristics of Madina to attract knowledge and economic investments. It is also an addition to the real estate market in Madina as it includes residential, commercial and hospitality sectors for Madina's visitors due to its proximity to the Holy Mosque, Al Haramin High Speed Train Station, and Prince Mohammed Bin Abdul Aziz Int'l Airport.
