Knowledge City inks deal with GIB Capital to develop Islamic World Avenue phase 1

Logo of Knowledge Economics City Co.

Knowledge Economic City Co. (KEC) and its subsidiary Al Gharaa International Real Estate Development Co. signed, on Oct. 29, a framework agreement with GIB Capital to establish a real estate investment fund (REIT). 

The fund aims to develop the first phase of the Islamic World Avenue project, the company said in a statement. Subsequently, the company manages the targeted REIT fund once the relevant required procedures are completed and the approvals of the competent authorities are obtained. 

Knowledge City pointed out that the Islamic World Avenue project, which will be developed via the planned REIT fund, includes a multi-use destination comprising hospitality, housing, shopping, entertainment and culture purposes. 

The first phase will have about 5,061 hotel units and nearly 743 residential apartments, in addition to 24,000 square meters (sqm) for rental shops. The investment value for the first phase is expected to reach around SAR 3.5 billion.