Knowledge Economic City (KEC) has entered a framework agreement with Sidra Capital and Raseel Properties to develop the Al Duha mixed-use project in Madinah. The project represents a SAR 1.04 billion ($266 million) investment and will align with Saudi Arabia’s Vision 2030 goals, supporting the Kingdom’s focus on urban development and tourism infrastructure.
Under the agreement, Sidra Capital will serve as the fund manager, and Raseel Properties will oversee the project’s development. Knowledge Economic City, listed on Saudi Arabia’s Tadawul stock exchange, will act as the majority investor in the private real estate investment fund established for the project.
Mixed-Use Development Details
The Al Duha project will occupy a prime location on King Abdulaziz Road and will include:
- Hospitality: 150 hotel keys.
- Residential: 576 apartments.
- Office Space: 20,000 square metres of leasable space.
- Retail: Multi-use retail units.
The project is expected to launch in Q1 2025 and aims for completion by Q1 2029.
Strategic Importance
This development supports Madinah Governorate’s objectives and those of the Ministry of Tourism and Ministry of Culture, contributing to the city’s transformation into a modern economic hub. It further complements Saudi Arabia’s Vision 2030 initiative to diversify the economy and enhance tourism offerings.
Additional Agreements
Earlier this month, KEC partnered with Hilton and Al Gharaa International for Real Estate Development to introduce three new hotels in Madinah, further boosting the region’s hospitality sector.
