Riyadh – Mubasher: Knowledge Economic City and Alfaneyah Electromechanical Company inked a deal to execute the electromechanical for the Hilton Hotel Tower and the Branded Residences Tower of the company’s HUB project.
The parties signed the agreement on 22 December 2024, at a value of SAR 232.84 million, according to a bourse filing.
A total of SAR 160.75 million will be directed to the hotel tower and the remaining SAR 72.08 million amount will be for the branded residences tower.
The deal covers executing the construction, and electromechanical works for the KEC Hub Towers according to the best technical specifications for the Hilton Hotel Tower.
The agreement holds a maturity period of 18 months from the construction permit date.
Meanwhile, the contractor’s dues will be paid in installments on a monthly basis. Hence, the financial impact is represented in the cash outflow for the amount payable to the contractor over a period of 18 months.
Knowledge Economic City recently penned a deal with Hilton and Al Gharaa International for Real Estate Development to open three hotels in Madinah.
