RIYADH: Saudi Arabia’s Knowledge Economic City secured funds from Saudi lenders for its Knowledge City Hub in Madinah.
The developer, also known as KEC, has completed all the requirements for its financing agreement, which amounts to SR782 million ($208.3 million), with the Tourism Development Fund and Riyad Bank, it said in a bourse filing.
The agreement was first announced in April to provide initial funds for the Hub project.
The company said the facility will be used for the first phase of the project, which includes a mall, a hotel, and a boulevard. It will cover 79 percent of the total cost of the project.
The mixed-use development will be built on an area of 68,000 square meters, with a total value of SR 1.3 billion, which will include a five-star hotel and other lifestyle spots.
