Knowledge City sells 3 Madinah plots for SAR 398.8M

Knowledge Economic City (KEC) signed two agreements on July 16 to sell three land plots within its Madinah project for a total of SAR 398.8 million. The company expects to book a profit of roughly SAR 360.8 million from the transactions, according to a bourse filing.

The buyers were not named in the filing. KEC said the proceeds would be used to reduce debt and fund ongoing development work at the Knowledge Economic City project.

The sales come as the company works to monetize its land bank in the fast-growing Madinah region, where demand for residential and commercial plots has been supported by government infrastructure spending and religious tourism growth. KEC did not provide a timeline for when the profit would be recognized in its financial statements.