{"id":6603,"date":"2022-01-07T05:25:37","date_gmt":"2022-01-07T13:25:37","guid":{"rendered":"https:\/\/essential.construction\/news\/?p=6603"},"modified":"2022-01-07T05:25:37","modified_gmt":"2022-01-07T13:25:37","slug":"kec-secures-funding-to-build-first-phase-of-mixed-use-district-in-saudi-arabia-2","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/kec-secures-funding-to-build-first-phase-of-mixed-use-district-in-saudi-arabia-2\/","title":{"rendered":"KEC secures funding to build first phase of mixed-use district in Saudi Arabia"},"content":{"rendered":"

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Knowledge Economic City Company (KEC) has reportedly secured $208.2m (SAR782m) long-term Murabaha financing facility to build the first phase of its key mixed-use district project in Madinah, Saudi Arabia.<\/p>\n

The Tourism Development Fund and Riyad Bank have provided the funds, which will help to cover 79% of the construction cost of the project, named KEC Hub.<\/p>\n

The loan has been granted under a repayment period of 13 years that includes a grace period agreed by the companies.<\/p>\n

The other procedures and documentation related to the loan will be completed within next six months.<\/p>\n

Designed by Chapman Taylor, the KEC Hub will be a 392,000m2 facility and will become the leisure, retail, and hospitality core of the KEC masterplan.<\/p>\n

The 129,000m2 shopping and entertainment centre of the project includes a five-star Hilton Hotel property, hypermarket, a cinema, indoor entertainment halls, luxury apartment units, and a health club.<\/p>\n

The KEC Hub is easily accessible from the Haramain high-speed railway station.<\/p>\n

The project will also include an open-air restaurant and overlook a public park on a 65,000m2 area, which will be ideal for entertainment shows, landscape spaces, and recreational programmes.<\/p>\n

About 186,000m2 will be the land area of the project in its first and second phases along with around 122,000m2 of rental spaces.<\/p>\n

The project execution is expected to finalise in the first phase, with operations slated to begin in 2024.<\/p>\n

In June last year, global infrastructure firm AECOM secured a contract from Majid Al Futtaim to provide consultancy services for Mall of Saudi project in Riyadh, Saudi Arabia.<\/p>","protected":false},"excerpt":{"rendered":"

This item was originally posted here: Read More Knowledge Economic City Company (KEC) has reportedly secured $208.2m (SAR782m) long-term Murabaha … Read more<\/a><\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1066,461],"tags":[],"class_list":["post-6603","post","type-post","status-publish","format-standard","hentry","category-all-posts","category-world-construction-today","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/6603","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/comments?post=6603"}],"version-history":[{"count":0,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/6603\/revisions"}],"wp:attachment":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/media?parent=6603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/categories?post=6603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/tags?post=6603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}