KEC Signs SAR 2.6bn Multaqa Residences Deal in Madinah

Knowledge Economic City (KEC) has signed a Real Estate Development Agreement in July 2026 with Alrashid Properties to develop the new Multaqa Residences project in Madinah, a mixed-use residential development located within the wider Multaqa Al Madinah district.

The project carries a total estimated development cost of SAR 2.6 billion. Multaqa Residences is planned to combine residential units with commercial and office space, integrated into the broader Multaqa Al Madinah destination.

The agreement is part of a larger development pipeline in KEC's Madinah master plan. A separate mixed-use scheme covers land plots totaling 17,624.85 square metres, sold for around SAR 169.64 million net (excluding real estate disposal tax and government fees) and to be developed through a closed-ended private real estate investment fund supervised by the Capital Market Authority. That project will include residential, commercial, and office components.

A wider development pipeline

The master plan also features Knowledge Gardens, a major mixed-use destination with an estimated development cost of SAR 7.5 billion and projected revenues of about SAR 10.2 billion. It is planned to include roughly 4,100 residential units, 183 apartments, a 450-key hotel, around 80,000 square metres of commercial and office space, a community centre, mosque, kindergarten, and more than 52,000 square metres of parks and open spaces across four zones. The Knowledge Gardens fund is owned by Fourmen Investment (46.2%), KEC and Algharraa combined (39.9%), and other investors (13.9%).

Also planned is Multaqa Al Madinah 2, co-developed by KEC and Kaden Investment Company through a closed-ended real estate fund exceeding SAR 2.5 billion. It is expected to deliver more than 1,500 residential units and roughly 30,000 square metres of leasable commercial space, plus green and open areas, on a site overlooking King Abdulaziz Road just north of the first phase.

For residents and expats in Madinah, the projects point to expanded housing choices and new retail and office space in the coming years.

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