Riyadh – Mubasher: Knowledge Economic City and Alsaad General Contracting Company signed a contract at a value of SAR 506.60 million on 21 June, according to a bourse filing.
The deal covers the execution of the electromechanical and finishes works for the KEC Hub mall project, which was previously called Wasat Almdinah.
The listed company will be responsible for the electrical networks with different voltages, the information and communication technologies (ICT), panelboards, lighting, as well as control and alarm systems. It will also handle lifts, elevators and escalators, HVAC systems, piping for water supply and drainage, and insulation, in addition to sanitary works.
Knowledge Economic City indicated that the contractor dues will be paid in installments on a monthly basis in accordance with work progress. Hence, the financial impact is represented in the cash outflow for the amount payable to the contractor over a period of 22 months and a half.
Earlier this week, the listed company penned a SAR 65.25 million development deal for the Al Alya project.
In the first quarter (Q1) of 2023, Knowledge Economic City reported 34.97% higher net losses after Zakat and tax at SAR 9.08 million, versus SAR 6.72 million in Q1-22.
