Knowledge Economic City (KEC) has granted a contract valued at 282 million Saudi riyals ($75.20 million) to build four new residential towers within the first phase of Al-Alyaa mixed-use project in Madinah.

The contract was awarded to Elkhereiji Commerce & Contracting, which will execute all construction works on four residential towers, including electromechanical and finishing works, KEC said in a statement to the Saudi stock exchange.

No details were given on the project’s completion date.

Al-Alyaa is a gated mixed-use project spanning 270,000 square metres (sqm) in Madinha.

It comprises 2,000 units, including 1,420 residential apartments, 70 residential villas and 408 serviced apartments managed by Hyatt International.

In addition, the project includes office buildings, commercial areas, a mosque, health clubs, a nursery, and the Hyatt Centric Hotel.

In August 2025, KEC secured a Shariah-compliant credit facility of SAR 305 million from Riyad Bank to complete the remaining residential component of Al-Alyaa project.

(Editing by Anoop Menon) (anoop.menon@lseg.com) 

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