Knowledge Economic City (KEC) has signed a SAR 23.4 million deal with Chapman Taylor. Under the deal, Chapman Taylor will design KEC’s new Downtown project, according to a bourse filing on Sunday.
The 52-week contract was awarded to the global architect and master planner of megaprojects on 21 May.
The contract’s first phase comprises studying the project site, preliminary designs, execution phases and estimates cost.
Meanwhile, the second phase will contain detailed designs and the project scheme, the statement added.
The Saudi-based company noted that the deal has no financial impact, adding that the project’s cost will be paid in instalments based on work progress.
Knowledge Economic City pointed out that the costs will be paid from the company’s cash. The company said that the new development will be established on an area of 129,000 square metres, of which 77,000 square metres will be allocated for the mall and boulevard.
It is worth mentioning that Knowledge Economic City is located within Madinah, only 5 km from the Prophet’s Mosque and 8 km from Prince Mohammed Bin Abdulaziz International Airport. It extends 3.5 km on either side of King Abdulaziz Road and is connected to Al Haramain Express train station, allowing access to Jeddah and Makkah in less than two hours.
Knowledge Economic City’s investment opportunities are in many sectors such as education, hospitality, tourism, housing, healthcare and other commercial sectors to meet the needs of the population of Madinah (more than 1 million people) and the estimated 10 million visitors annually.