Saudi-listed Knowledge Economic City (KEC) has awarded two contracts worth 288.61 Saudi riyals ($76.94 million) to Jeddah-based Elkhereiji Commerce and Contracting Company for the first phase of Al-Alya mixed-use project in Madinah.

The first contract, valued at SAR 171.13 million, includes implementing electromechanical, finishing, landscaping, and site work for eight residential buildings, which will house 264 apartments in the first phase of the project.

The 20-month contract will commence on 5 May, the company said in a statement to the Saudi stock exchange.

The second contract, worth SAR117.48 million, includes executing the construction, electromechanical, finishing, and landscaping works for four buildings with 132 residential apartments. 

The 24-month contract will start following the issuance of construction permits.

The contract will bring the total number of buildings under construction by Elkhereiji to 12, housing 396 apartments.

According to the statements, the contractor is currently constructing the concrete structure for 264 residential apartments.

The site works for the 4-star Hyatt-branded hotel and hotel apartments are ongoing, while the tender for the contracting works is being prepared, the statements added.

The Al-Alya project covers an area of 269,000 square metres and will have a hotel, hotel apartments, housing, office and retail components. 

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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