04:41 AM EDT, 09/08/2026 (MT Newswires) -- Knowledge Economic City (SASE:4310) or KEC, said Tuesday it entered into a 90-day memorandum of understanding with Kaden Investment Co. to jointly develop the Multaqa Al Madinah 2 mixed-use project in Madinah, Saudi Arabia. The 2.5 billion-Saudi-riyal project includes the construction of residential, commercial, and office spaces as an extension of the existing Multaqa Al Madinah development. A new closed-ended real estate investment fund will own, finance and develop the project, with KEC holding a 75% stake and Kaden the remaining 25%. KEC will contribute the project land, initially valued at 692.3 million riyals, in exchange for fund units valued at 624.6 million riyals and 67.8 million riyals in cash. Kaden will serve as development manager.

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.