KEC expects work on Al-Alya project to finish on Feb. 28

Logo of Knowledge Economic City (KEC)

Knowledge Economic City (KEC) expected the remaining works on Al-Alya residential project to be finalized and the site to be handed over following the necessary review on Feb. 28, 2023, the company said in a statement to Tadawul.

It added that the project is 82% complete, attributing the delay in the deadline previously set to shortage in required manpower by the contractor to execute part of the works.

KEC also noted that the revised contract value will remain unchanged at SAR 31 million. It said that the there will be no impact from the delay on its financial results.

The company said last July that the deadline for completing all works and handing over the site of Al-Alya residential project, which was set for 12 months starting from July, 2021, was extended to the end of December 2022, according to Argaam's data.

KEC signed, in June 2021, a SAR 34.9 million contract with Mussad Al-Mutairi & Partner Co. for infrastructure works at Al-Alya residential project within KEC, according to Argaam's data.