The KEC signed a SR305 million contract with Al-Rajhi Infrastructure Company to carry out the northern part of the economic city project two days ago, the chairman told a press conference, adding that work on the project will start within a few weeks.
The infrastructure projects include construction of roads, setting up of electricity, telecommunication, water and sewage networks and rainwater drainage systems, planting of trees along roads and other smart infrastructure facilities.
Baroum said the company was enjoying a surplus liquidity of SR1 billion after meeting fund requirements for the project's first phase. "This surplus will enable the company to invest in real estate development projects," he added.
He said KEC, which was listed on Tadawul last August, realized a profit of SR20 million in the first quarter of this year. "We have achieved substantial progress in our project in the northern side of the Prophet's Mosque," he said.
Baroum added that the KEC is uniquely situated just a few minutes away from the Prophet's Mosque. It can be reached through a complete modern transportation system including an international airport, trains, and highway connecting to the rest of the Kingdom.
He said the government of Custodian of the Two Holy Mosques King Abdullah pays special attention to the city of Madinah as it aims to create a categorical leap in the economic development of the region in general and Madinah in particular.
KEC has joined hands with Saudi Real Estate Co. to develop villas. Over 900 villas offering a unique and modern lifestyle and designed according to the old architectural theme of Madinah will be ready by 2014. Phase one of 206 villas will be delivered by 2012, he said.
Through its residential, commercial, educational and recreational components, in addition to its location, the KEC project provides a unique working environment to attract those who work in knowledge-based industries, he said, adding that the project is also important, as with its completion, 20,000 jobs will be created for Saudis.
