Knowledge Economic City Expands Madinah Projects

Knowledge Economic City has reported continued growth and resilience across the real estate markets of Makkah and Madinah, driven by a pipeline of new mixed-use and hospitality developments. The company oversees a masterplan of about 6.8 million square metres located inside the Haram boundary of Madinah, focused on residential, retail, office, and hospitality assets.

Among the flagship projects is Multaqa Residences, a premium mixed-use development in Madinah spanning 149,520 square metres with a total investment of about SAR 1.35 billion. The project combines residential units, branded homes, commercial space, hotels, retail, and other hospitality components.

On 16 July 2026, the company signed a land sale agreement covering three plots within its Madinah masterplan, with a combined area of 17,624 square metres and a total net price of SAR 169.64 million, excluding real estate disposal tax and government fees. In separate transactions, land plots for mixed-use development were sold with an aggregate value of around SAR 229 million.

The Islamic World District stands out as a major hospitality-led destination covering roughly 900,000 to 980,000 square metres. Planned across multiple phases, it aims to deliver more than 14,000 hotel rooms and 7,500 residential apartments, with a long-term ambition of about 20,000 hotel keys by 2030. Designed to serve Umrah and Hajj pilgrims, it integrates hotels, homes, retail, entertainment, and cultural zones.

The company's retail-led cluster includes Multaqa Almadinah lifestyle mall (about 71,000 sqm GLA) linked to a Hilton-branded hotel and residences, and Madinah Gate, a transit-oriented development connected to the Haramain High-Speed Railway Station, offering 22,750 sqm of leasable space in its first phase. A further project, Al Duha on King Abdulaziz Road, carries a planned investment near SAR 1 billion and targets completion around the first quarter of 2029.

For the full year 2025, Knowledge Economic City reported total revenue of about SAR 319 million, up from roughly SAR 159 million a year earlier. The expansion reflects the growing demand for pilgrim-focused accommodation and services in the holy cities.

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