Riyadh – Mubasher: Knowledge Economic City signed three agreements with China Gezhouba International Engineering Group Company for a project at an initial value of $970 million.
A total of $400 million will be invested in the Al Alya project, while the remaining $570 million will be directed to Islamic World District Phase I, according to a bourse statement.
The two entities inked the deals on 17 October 2023, following the framework agreement that was signed last June.
Knowledge Economic City highlighted that the impact of the partnership will be determined in accordance with the subsequent detailed agreements related to each of the projects.
This aligns with the current and future investment rules and approvals in Saudi Arabia as well as China.
In the first half (H1) of 2023, the Saudi listed firm registered net losses after Zakat and tax valued at SAR 10.59 million, an annual drop of 31.03% from SAR 15.36 million.
The revenues hiked by 77.16% to SAR 52.12 million in H1-23 from SAR 29.42 million in H1-22.
