Saudi Arabia’s Knowledge Economic City has signed three agreements with China Gezhouba Group International Engineering Company (CGGC) to execute the works of the projects related to the framework agreement signed last June.
 
The additional agreements determine the estimated project cost, payment schedule and cost settlement mechanism, which will be finalised upon fulfillment of certain conditions, the company said in a statement to the Saudi stock exchange.
 
The signed agreements include the construction of the Al-Alya Project,  a mixed-use project within a semi-gated community, as well as the infrastructure works and the construction of phase one of the Islamic World District Project, a transit-oriented development.
 
The cost of the three agreements is estimated at $970 million (3.63 billion Saudi riyals).
 
KEC signed a framework agreement with CGGC to support the development of its projects in June.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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