Riyadh – Mubasher: Knowledge Economic City issued a corrective disclosure on Sunday regarding a previous announcement made earlier the same day concerning a land sale agreement within its flagship project in Madinah.
The company clarified that the transaction involves the sale of land plot number (C28-10), which spans a total area of 13,049 square meters.
The agreement was signed with the OUD Private Real Estate Fund (4), a closed-ended private real estate investment fund managed by OUD Capital.
This replaces the information in the initial announcement, which incorrectly referenced land plots (C06-6) and (C06-3) with a combined area of 17,624 square meters, as well as a different plot number (C10-28) in the transaction details.
The purpose of the sale is the development of a mixed-use project comprising residential, commercial, and office spaces.
The development will be executed in accordance with the approved master plan and regulatory requirements of Knowledge Economic City.
The company noted that the correction was necessary to accurately identify the specific land parcel and the purchasing entity involved in the investment fund structure.
