{"id":92808,"date":"2024-12-24T00:00:00","date_gmt":"2024-12-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/12\/24\/kec-launches-sar-1-bn-fund-inks-agreement-for-two-projects\/"},"modified":"2024-12-24T00:00:00","modified_gmt":"2024-12-24T00:00:00","slug":"kec-launches-sar-1-bn-fund-inks-agreement-for-two-projects","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/12\/24\/kec-launches-sar-1-bn-fund-inks-agreement-for-two-projects\/","title":{"rendered":"KEC launches SAR 1 bn fund + inks agreement for two projects"},"content":{"rendered":"

KEC to launch SAR 1 bn real estate fund<\/strong>: The Knowledge Economic City<\/a><\/a>(KEC)<\/a> signed a framework agreement with Sidra Capital<\/a> and Raseel Properties<\/a> to establish a close-ended real estate investment private fund worth SAR 1.04 bn, according to a disclosure to Tadawul<\/a>. <\/p>\n

The details: <\/strong>The fund aims to develop the Al Duha mixed-use project on a 33k sqm plot of land under the KEC MasterPlan. The project will include 150 hotel rooms, 576 residential apartments, 20k sqm of leasable office space, and multi-use retail spaces. It is expected to launch in 1Q 2025 and be fully developed by 1Q 2029. <\/p>\n

Who\u2019s doing what:<\/strong> Sidra Capital<\/a> will act as the fund manager, Raseel Properties<\/a> will serve as the project developer, and KEC will be the majority investor by contributing land as an in-kind investment. <\/p>\n

SOUND SMART- <\/strong>A closed-ended real estate investment private fund is a pooled investment vehicle that raises capital from investors to acquire, develop, or manage real estate assets. Unlike open-ended funds, it has a fixed term and does not allow investors to withdraw their capital until the fund's maturity. These funds typically focus on generating returns through property appreciation, rental income, or both.<\/p>\n

\n

IN OTHER REAL ESTATE NEWS-<\/p>\n

KEC taps Chinese company for Al Alya project:<\/strong> KEC signed a SAR 503 mn contract with China Gezhouba Group International Engineering Company<\/a> for the construction and electromechanical and finishing works of seven residential towers under its Al Alya mixed-use project, according to a disclosure to Tadawul<\/a>. The contractor\u2019s dues will be paid in installments, and tied to the progress of the work.<\/p>\n

Al Ayla comprises 2k residential units, including 1k apartments<\/strong>, 430 hotel apartments managed by Hyatt House, 430 serviced apartments by KEC, and 70 residential villas. It also features office buildings, commercial areas, and the Hayat Center Hotel with 148 rooms.<\/p>\n

The details:<\/strong> The work is expected to take 30 months from the date of the construction permit. CGGC will also collaborate with Chinese financial institutions to secure project financing, potentially through equity investments or other funding options. <\/p>\n

\n

\n

ALSO- <\/strong>KEC tapped Alfaneyah Electromechanical Company<\/a> to complete the electrical, mechanical and plumbing works for Hilton Hotel Tower and the branded residences tower of the KEC\u2019s hub project under a SAR 232.8 mn contract, according to a disclosure to Tadawul<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

KEC taps Chinese company for Al Alya project<\/p>\n","protected":false},"author":1,"featured_media":92809,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2574],"tags":[3585,10,170,106],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-china-gezhouba-group-cggc","tag-enterpriseam-ksa","tag-knowledge-economic-city","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"d56e78df-30a4-402a-84e2-1845b2131b30","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/2105.jpg","photo_position":"above","homepage_title":"","full_issue_title":"KEC launches SAR 1 bn fund + inks agreement for two projects","related_issue":[92800],"teaser":"KEC taps Chinese company for Al Alya project","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.d1995bf5-f837-4f87-ba52-7ade3f49338b.mp3"},"yoast_head":"\nKEC launches SAR 1 bn fund + inks agreement for two projects - 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