Knowledge City awards SAR 177M contract for Hub Towers finishings

Logo of Knowledge Economic City - KEC

Knowledge Economic City (KEC) signed today, March 25, a contract for the finishing works for the Hilton Hotel Tower and the Branded Residences Tower of the KEC HUB Project. The contract was awarded to Alsaad General Contracting Co. at a total value of nearly SAR 176.9 million excluding VAT (SAR 117.1 million for the hotel tower and SAR 59.83 million for the residential one).

Under the 18-month agreement, Alsaad Contracting will complete the finishing works for the Hilton Hotel Tower, which includes 384 five-star hotel units, and the luxury-branded residential tower by Hilton, comprising 66 premium apartments.
 

In a statement to Tadawul today, KEC stated that contractor payments will be made in installments based on monthly progress reports, with the financial impact of outgoing cash flows spread over the contract’s duration.
 

The company also confirmed that no related parties are involved in the agreement.
 

Located in the northern part of KEC along King Abdulaziz Road, the KEC HUB Project features a 450-meter-long direct frontage. The first phase includes a shopping mall, the 384-room five-star hotel tower managed by Hilton, and the luxury-branded residential tower with 66 upscale apartments.
 

The entire project, across both phases, spans 186,000 square meters and will provide approximately 122,000 square meters of leasable space, according to the statement.