Knowledge Economic City Company said its subsidiary, Algharraa International Company, has signed two infrastructure development contracts worth 149 million Saudi riyals ($39.73 million) for the first phase of the Islamic World Avenue District (IWD) project.

The first contract was signed with Alghanim International Company, covering the execution and completion of all structural and embedded MEP works for the buildings in cluster 1 of the first phase, the company said in a statement to the Saudi stock exchange on Tuesday. 

The contract duration term is 20 months.
  
The contract is valued at SAR 84.9 million. The targeted built-up area for cluster one is 86,000 square meters for the development of more than 1,000 hotel keys.

The second contract, valued at SAR 64 million,  was signed with China Gezhouba Group Corporation for the execution of construction and MEP works for buildings in cluster 2. The contract duration term is 18 months.

The targeted built-up area for cluster 2 is approximately 62,000 square meters and will house more than 770 hotel keys.

The IWD project is located in the southeastern zone of Knowledge Economic City. The company has allocated 900,000 square meters for the development, which has been designed in line with the Transit-Oriented Development (TOD) concept. 

The project is situated just 100 meters from the Haramain High-Speed Railway Station and is directly connected to the Madinah Gate Project, the Kingdom's first TOD development.

(Editing by Anoop Menon)

(anoop.menon@lseg.com)

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