For the Al-Alya Project, Saudi master Developer KEC has Linked Two Deals Totaling $78 Million.

For the Al-Alya Project, Saudi master Developer KEC has Linked Two Deals Totaling $78 Million.

RIYADH: Saudi master developer Knowledge Economic City Co. has agreed to supply 396 residential flats as part of its mixed-use Al-Alya project, having inked two deals for its first phase. The listed company disclosed the agreements with Elkhereiji Commerce and Contracting Co., valued at SR288.6 million ($77.92 million), in Tadawul filings.

The first agreement in the first phase of the Al-Alya mixed-use project calls for the full implementation of contracting works for additional residential towers. Four residences, together offering 132 flats in various sizes for SR117.5 million (VAT excluded), are included in this development.

According to a statement the company sent to Tadawul, the second contract entails the implementation of electromechanical, finishing, gardening, and site coordination works for a group of eight residential buildings valued at SR171.13 million, providing 264 apartments.

According to the monthly payment certificate, both contracts will be paid in installments based on the job status.

“Therefore, the financial impact is represented in the cash outflow for the amount payable to the contractor for 20 months starting from the end of May 2024,” the business stated in a statement regarding the second deal. According to the company, the cash outflow for the amount owed to the contractor over 24 months reflects the financial impact of the first agreement.

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