Riyadh – Mubasher: Knowledge Economic City signed a sale agreement on 16 July 2026 for two land plots within its master plan in Madinah for a total net value of SAR 229.12 million.
The plots, identified as C06-6 and C06-3, cover a combined area of 17,624 square meters, according to a bourse filing.
The transaction was entered into with International Gate Investment Company and Ulu Real Estate Company, with each entity acquiring a 50% stake.
The buyers intend to develop a mixed-use project through a dedicated real estate investment fund. The book value of the land stands at SAR 21.61 million.
The company expects to realize a total profit of SAR 207.52 million from the sale before accounting for expenses or fees. This divestment is part of a broader strategy to maximize returns on a land portfolio totaling approximately 6.80 million square meters.
Knowledge Economic City stated that the proceeds will be used to boost liquidity, support its financial position, and re-employ capital into current and future strategic projects. The financial impact will be recognized upon the completion of ownership transfer procedures.
Earlier this month, the listed group penned a SAR 78.30 million agreement with Ouda Mubarak Al Beladi & Sons Contracting Company (ABASCO).
