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Medina’s Knowledge Economic City (KEC) has signed an agreement with Riyadh-based Kaden Investment Company to develop a mixed-use project in Medina.

The project will have an estimated gross floor area of about 230,000 square metres (sq m).

According to a statement filed by KEC with the Saudi Exchange (Tadawul), the project – called Multaqa Al-Madinah 2 – will be built on a 92,000 sq m plot located directly north of the first phase of the Multaqa Al-Madinah development.

It is expected to include about 1,527 residential units across three residential zones, along with commercial and office space totalling about 31,108 sq m of net leasable area.

It will also feature parking, recreational and service facilities, landscaping and other supporting infrastructure.

KEC and Kaden intend to deliver the project through a closed-ended real estate investment fund regulated by Saudi Arabia’s Capital Market Authority.

Under the proposed structure, KEC will contribute the land as an in-kind contribution and hold 75% of the fund units, while Kaden will contribute cash and hold the remaining 25%.

Kaden will also serve as the development manager.

KEC said the land has been initially valued at about SR692.3m ($184.6m), while the total equity required for the project is estimated at around SR833m.

Once final agreements are signed, KEC expects to receive SR67.7m in cash and fund units valued at approximately SR624.6m.

READ THE SEPTEMBER 2026 MEED BUSINESS REVIEW – click here to view PDF

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Distributed to senior decision-makers in the region and around the world, the September 2026 edition of MEED Business Review includes: