Saudi Arabia's KEC awards $4m contract for Madinah Gate to IBI
Toronto-based firm to deliver engineering and design works in two phases over 42 weeks for Saudi megaproject
Tadawul-listed Knowledge Economic City (KEC) has awarded a $3.6m (SAR13.6m) contract to Canada-based project planning firm IBI Group for the Madinah Gate masterplanned project, with the company set to carry out engineering and detailed design work for the project.
In a stock market filing, KEC said that the contract would be completed in two phases and implemented during a period of 42 weeks.
The project comes in line with KEC’s plans to develop the area overlooking Prince Nayef Road, which is located near the Al-Haramain Expressway in Madinah.
On its official LinkedIn page, KEC confirmed that the project was awarded to the Toronto-based company, which will work on 3.7ha of the project.
Its scope includes a 300-unit hotel and hotel apartments, in addition to markets, shops, and restaurants covering 1.4ha.
In the filing, KEC also said that IBI would design bus stations at Madinah Gate that will be connected to the Al-Haramain Madinah train station, which is expected to be completed in three years.