By Staff Writer
Knowledge Economic City (KEC) said its subsidiary, Algharraa International Real Estate Development Company, has awarded a contract to SALCO Saudi Contracting Company to execute the infrastructure works for the southeastern district within the KEC masterplan in Madinah.
The contract is valued at 91 million Saudi riyals ($24.28 million) and will be completed in 24 months, the company said in a statement to the Saudi stock exchange.
SALCO will undertake general site works, earthworks, excavation and backfilling, roads and pavements, potable water network, sewerage network, stormwater drainage network, irrigation network, firefighting network, electrical works, street lighting network, ICT infrastructure, and district cooling network.
The deal is part of KEC's strategy to complete the development of its land infrastructure, enhance its development sites to attract investments and facilitate the launch of new projects.
The contract value will be paid through monthly progress payments based on the actual percentage of completed works, the statement said.
This month, KEC said that residential unit reservations by non-Saudi property buyers have crossed more than SAR547 million in Al-Alya mixed-use development in Madinah.
(Editing by Anoop Menon) ([email protected])
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