Logo of Knowledge Economic City (KEC)
In a statement on Tadawul, the company said the fund aims to finance and develop the Multaqa Hotels (Phase I) within the Multaqa Almadinah mixed-use development, subject to fulfilling regulatory requirements and meeting theconditions set out in the term sheet. 
The agreement will remain in effect from the signing date until the earliest of the following: the establishment and launch of the fund and the execution of the final agreements; failure to obtain the Capital Market Authority’s (CMA) no-objection to establish the fund; failure to secure the required financing for the project; failure to complete or approve the due diligence process and supporting studies; failure to obtain approval from Albilad Capital’s relevant committees for the fund’s establishment; expiry of the six-month exclusivity period from the signing date without a written extension agreed by both parties and failure to obtain the project’s building permit.
The first phase of the hospitality project includes the development of a JW Marriott Hotel with approximately 288 keys, a Marriott Hotel with almost 327 keys, and around 295 branded residential units, with an estimated total development value of nearly SAR 1.5 billion, including the land value.
Located on King Abdulaziz Road in Madinah, the project forms part of Multaqa Almadinah development. It will be connected via a dedicated pedestrian bridge to Multaqa Mall, which is also linked to the Hilton hotel tower and the residential tower featuring Hilton-branded residences.
The project is expected to strengthen the integrated mixed-use development serving the tourism, retail, entertainment and museum sectors, supporting the objectives of Saudi Vision 2030, particularly the tourism sector, the Quality-of-Life Program (QOLP) and the Pilgrim Experience Program (PEP).
The proposed fund is intended to provide an investment vehicle to finance and develop the first phase of Multaqa Hotels through equity and bank financing, in line with the fund’s final structure and the applicable regulations, the statement said.
The company said the move aims to broaden the participation of financial institutions in supporting its strategy to develop the hospitality sector and other key sectors, while ensuring the quality and sustainability of its multiple hospitality projects.
KEC expects the fund to provide the financing needed to develop the project and support the implementation of one of the key components of the Madinah Multaqa masterplan, in line with its strategy of developing pioneering projects that generate sustainable, long-term returns. Bottom of Form
Logo of Knowledge Economic City (KEC)
In a statement on Tadawul, the company said the fund aims to finance and develop the Multaqa Hotels (Phase I) within the Multaqa Almadinah mixed-use development, subject to fulfilling regulatory requirements and meeting theconditions set out in the term sheet.
The agreement will remain in effect from the signing date until the earliest of the following: the establishment and launch of the fund and the execution of the final agreements; failure to obtain the Capital Market Authority’s (CMA) no-objection to establish the fund; failure to secure the required financing for the project; failure to complete or approve the due diligence process and supporting studies; failure to obtain approval from Albilad Capital’s relevant committees for the fund’s establishment; expiry of the six-month exclusivity period from the signing date without a written extension agreed by both parties and failure to obtain the project’s building permit.
The first phase of the hospitality project includes the development of a JW Marriott Hotel with approximately 288 keys, a Marriott Hotel with almost 327 keys, and around 295 branded residential units, with an estimated total development value of nearly SAR 1.5 billion, including the land value.
Located on King Abdulaziz Road in Madinah, the project forms part of Multaqa Almadinah development. It will be connected via a dedicated pedestrian bridge to Multaqa Mall, which is also linked to the Hilton hotel tower and the residential tower featuring Hilton-branded residences.
The project is expected to strengthen the integrated mixed-use development serving the tourism, retail, entertainment and museum sectors, supporting the objectives of Saudi Vision 2030, particularly the tourism sector, the Quality-of-Life Program (QOLP) and the Pilgrim Experience Program (PEP).
The proposed fund is intended to provide an investment vehicle to finance and develop the first phase of Multaqa Hotels through equity and bank financing, in line with the fund’s final structure and the applicable regulations, the statement said.
The company said the move aims to broaden the participation of financial institutions in supporting its strategy to develop the hospitality sector and other key sectors, while ensuring the quality and sustainability of its multiple hospitality projects.
KEC expects the fund to provide the financing needed to develop the project and support the implementation of one of the key components of the Madinah Multaqa masterplan, in line with its strategy of developing pioneering projects that generate sustainable, long-term returns. Bottom of Form
