Knowledge City new projects to boost returns, says CEO

Sami Al Makhdoub,  CEO of Knowledge Economic City

Knowledge Economic City (KEC), in this significant stage in its history, is moving on the right track after unveiling new projects, chief executive officer (CEO) Sami Al Makhdoub told Argaam in a phone interview.

He added that the company's projects are currently witnessing a turning point, starting from the construction works until the launch of operations, and this will reflect positively on financial statements.

"We are optimistic that the projects will reflect positively on the company's returns, but we just need our shareholders to remain patient until the projects are completed," Al Makhdoub.

He added that KEC's agreement with Tourism Development Fund and Riyad Bank to finance the Knowledge City Hub project is an example of ‘Shareek’ program's goals, as the agreement parties include a government sovereign fund, as well as a financing bank and a private company listed on the stock market.

Al Makhdoub highlighted five projects, namely Knowledge City Hub, Madinah Gate, Elite International Schools, and development of two residential projects including Alaia Residential Complex.

He stressed that some projects will be completed by 2024, while others will be completed before the end of this period, such as the Elite Schools and Olaya, which would be completed next year.

The Knowledge City Hub project costs SAR 782 million, of which 80% (excluding the land value) will be covered by the Tourism Development Fund and Riyad Bank, Al Makhdoub said. He added that the remaining amount will be financed from the company's cash resources.