Knowledge Economic City, Medina
- Medina Knowledge Economic City was launched by King Abdullah bin AbdulAziz in June 2006 and is the third of six economic cities announced by the Kingdom. The 30 billion-riyal (USD7 billion) project is located in Madinah. The master-plan was designed by Creative Kingdom Dubai. Knowledge Economic City is a project to position Saudi Arabia and Saudi Arabian entrepreneurs as leaders in knowledge-based industries and aims to attract and develop talent from around the world.
- Eaglewing has been retained by Knowledge Economic City for an exclusive mandate to conduct Operator Search and Selection for its hospitality components. We have assisted in the Operator Search and Selection and HMA negotiation and signing of the DoubleTree by Hilton signed in Medina and is currently engaged in assisting KEC Operator Search and select for its Hospitality component for the 2nd stage of KEC Development
Signing of the Hilton branded hotel in Medina
- More than 20,000 jobs and accommodation for 150,000 people will be created by the project which is expected to bring about 10 billion Riyals a year into the region once it is completed by 2022.
- According to the Saudi Real Estate Companion, the development should be primarily considered a residential development, which is expected to greatly increase the residential supply in the city. One of the key drivers for the development is likely to be the legal framework with regards to non-national (and non-GCC) ownership in the area
- Since its launch KEC has signed Memoranda of Understanding and contracts with several local companies and with government and private sector organizations from Malaysia and Canada. The latest have been MoUs signed with Cisco and CompTIA . The Cisco MoU is intended to provide access to networking technologies, while the CompTIA signing is to ensure Knowledge Economic City knowledge workers with internationally recognized IT qualifications.
- Several major companies are involved and the development consortium members include: Savola Group (Publicly Listed Company), Taiba Investments and Real Estate Development Company (Publicly Listed Company), Project Management Development Company PMDC, and Quad Intl’ Real Estate Development Co. (Management).
- Knowledge Economic City also has some subsidiary organizations, most important of which is Madinah Institute for Leadership and Entrepreneurship located in Madinah, Saudi Arabia.
- Eaglewing ha been retained by Knowledge Economic City for an exclusive mandate to conduct Operator Search and Selection for its hospitality components. We have assisted in the Operator Seach and Selection and HMA negotiation and signing of the DoubleTree by Hilton signed in Medina and is currently engaged in assisting KEC Operator Search and select for its Hospitality component for the 2nd stage of KEC Development
