04:37 AM EDT, 07/20/2026 (MT Newswires) -- Knowledge Economic City Co. (SASE:4310) commissioned Alrashid Properties as the developer of its Multaqa Residences project in Madinah, Saudi Arabia, according to a Monday release. Alrashid will oversee the development's design, engineering, financing, construction, marketing, sales, delivery, and maintenance, while the Saudi Arabia-listed property group will retain the title of master developer and ownership of the land, valued at 1.35 billion Saudi riyals. Both parties will share sales proceeds after an agreed benchmark development cost. Overall, the development cost is estimated at 2.6 billion riyals and the project revenue at 5 billion riyals. Implementation of the 149,520 square-meter project is expected in 54 months.

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