Knowledge Economic City plans $400m hospitality project fund with Albilad

Summary:

Saudi Arabia's Knowledge Economic City (KEC) has signed a non-binding term sheet with Albilad Capital to create a closed-ended private real estate investment fund aimed at financing the first phase of the Multaqa Hospitality project in Madinah, valued at approximately SAR1.5 billion ($400 million). This development will include a 288-key JW Marriott hotel, a 327-key Marriott hotel, and about 295 branded residential units. Strategically located on King Abdulaziz Road, it will connect to Multaqa Mall and the Hilton Hotel Tower via a pedestrian skybridge. Albilad Capital will manage the fund, pending regulatory approvals.