JEDDAH, 9 March 2007 — The Malaysian-based Multi Media University (MMU) has signed a memorandum of understanding (MoU) with the Al-Sira Real Estate Development Company to offer its educational expertise to develop the upcoming Knowledge Economic City (KEC).
According to the MoU, the MMU would also help in establishing educational facilities and services in the city in conjunction with Al-Sira company.
Professor Ghauth Jasman, president of the MMU and Sami Baroum, chief executive of Al-Sira, signed the memorandum last Thursday in Madinah. Baroum said that according to the memorandum, both MMU and Al-Sira would work together to locate and specify investment opportunities in the field of services and education in the city. The new KEC is being established by King Abdullah Establishment at a cost of SR25 billion is expected to generate more than 20,000 job opportunities and attract 200,000 residents.
He noted that the city, which could host more than 30,000 visitors, would have more than 1,200 commercial outlets, a shopping center and 30,000 housing units. The city is being built on 4.8 million square meters near Madinah. The MMU agreement marked the third memorandum with the Malaysian party in less than a week. Other two memorandums were signed in Jeddah and Madinah for various Malaysian firms to invest in the KEC.
