Riyadh – Mubasher: Knowledge Economic City penned a framework agreement, on 22 December 2024, with Sidra Capital and Raseel Properties to establish a closed-ended real estate investment private fund.
Under the joint deal, Sidra Capital will act as a fund manager and Raseel Properties will handle the project’s development, according to a bourse disclosure.
The Tadawul-listed company will be a majority investor in the fund, which will develop the Al Duha mixed-use project on a plot of land along King Abdulaziz Road.
With a total investment of SAR 1.04 billion, the mixed-use development comprises hospitality, residential, retail and offices.
It is expected to deliver 150 hotel keys and 576 residential apartments, in addition to approximately 20,000 square metres of leasable office space in addition to multiuse leasable retail space.
The fund is expected to launch in the first quarter (Q1) of 2025 with the project being fully developed by Q1-29.
The project supports the Kingdom’s Vision 2030 and aligns with the objectives of Madinah Governorate, the Ministry of Tourism and the Ministry of Culture.
Earlier this month, Knowledge Economic sealed a deal with Hilton and Al Gharaa International for Real Estate Development to launch three hotels in Madinah.
