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Saudi-based Knowledge Economic City Company (KEC) has awarded a contract worth 506.60 million Saudi riyals ($135.03 million) to Alsaad General Contracting Company for the execution of electromechanical and finishing works at KEC Hub mall.
The scope of work includes electrical networks, communications, panel boards, lighting, control systems, alarm systems, lifts, elevators and escalators, HVAC systems, piping for water supply and drainage, insulation, sanitary works, and finishing works which comprise aluminium, elevations, facade work.
The work on the project, which has a built-up area of 65,000 square metres, will be completed in 22.5 months, KRC said in a statement to the Saudi stock exchange.
The KEC Hub mall project is located in the northern part of KEC master development. The first phase, executed by Alsaad Contracting, consists of a shopping mall, a 5-star 350-key Hilton Hotel tower, and a 64-branded residence tower.
The project is financed through a credit facility of SAR782 million, equally split between the state-owned Tourism Development Fund and Saudi-listed Riyad Bank.
Work started on the hub project began in 2021, with the first phase expected to be completed by 2025.
(Writing by D Madhura; Editing by Anoop Menon)
