Madinah's Knowledge Economic City signs MoU with Saudi's Saptco
Saudi Public Transport Co to explore establishment of transport investment and operator firm with megaproject's developer
Saudi Arabia’s Knowledge Economic City (KEC) – the developer behind the eponymous Madinah megaproject near the Holy Mosque – has signed a memorandum of understanding (MoU) with Saudi Public Transport Company (Saptco), through which both Tadawul-listed entities will cooperate on projects focused on visitors, residents, and pilgrims at KEC through a jointly formed company.
In a missive to the Saudi bourse, KEC said its MoU with Saptco was valid for 12 months, and had been agreed to drive elevated mobility systems for its Madinah megaproject, located close to a station on the Haramain Rail network, and featuring a 300-room three-star hotel in its first phase.
KEC said in the Arabic-language missive that it would explore the establishment of a company to be co-owned with Saptco.
The firm would be formed to invest in and operate services within its Madinah project’s premises.
Plans to be explored by KEC and Saptco include the launch of a bus network close to the Haramain Rail station within Madinah, their statements on Tadawul added.