Key Takeaways
- • Knowledge Economic City (KEC) signed a memorandum of understanding with Kaden Investment Company to develop the "Multaqa Al Madinah 2" project, expanding KEC's landmark lifestyle development in Madinah.
- • Danube Food & Luxuries Company (subsidiary of BinDawood Holding), Saudi Arabia's leading premium grocery retailer, secured a prime 3,600-square-metre anchor store within Multaqa Al Madinah, reinforcing the destination's positioning as an integrated retail and lifestyle hub.
- • The Multaqa Al Madinah development encompasses retail, dining, hospitality, and leisure components across 160,000 square meters with total investment exceeding SAR 3.35 billion, aligning with Saudi Vision 2030 objectives for pilgrim experience and quality of life.
- • KEC's strategy centers on attracting specialist partners and premium national brands to accelerate development across its five flagship districts in Madinah's urban transformation.
Summary
Knowledge Economic City, a publicly listed master developer, announced the signing of a memorandum of understanding with Kaden Investment Company to develop the "Multaqa Al Madinah 2" project as part of its broader expansion strategy in Madinah. The agreement represents a continuation of KEC's mixed-use development model, which integrates residential, retail, hospitality, and leisure components within a unified masterplan framework.
The Multaqa Al Madinah development itself spans 160,000 square meters with a total investment exceeding SAR 3.35 billion. The project has attracted anchor tenants, most notably Danube Food & Luxuries Company, a subsidiary of BinDawood Holding and the kingdom's leading premium grocery retailer. Danube will occupy a 3,600-square-metre flagship store within the development, positioning itself as a primary anchor among curated premium brands. The retail agreement was executed between Abdulrahman Zolaly, Mall Manager of Multaqa Al Madinah, and Eng. Ahmed Naytah, Executive Director of the Real Estate Sector at Danube.
Dr. Moath Al-Yahya, CEO of Knowledge Economic City, characterized the Danube partnership as a significant milestone reflecting confidence from leading national brands in Madinah's emerging urban destinations. The development strategy aligns with Saudi Vision 2030's pillars of pilgrim experience enhancement, quality of life improvements, and economic diversification. KEC's approach emphasizes bringing specialist partners into its five flagship districts to accelerate construction timelines and unlock asset value, with the company previously establishing development agreements with partners such as Alrashid Properties for complementary projects like Multaqa Residences.
The Multaqa Al Madinah designation as the city's first integrated lifestyle destination reflects KEC's positioning of the development as a destination property anchored by premium retail and hospitality offerings. The project's significance extends to KEC's capital strategy, as developer-funded partnership models allow the company to monetize land values while maintaining control over destination curation and brand positioning.
The Multaqa Al Madinah development itself spans 160,000 square meters with a total investment exceeding SAR 3.35 billion. The project has attracted anchor tenants, most notably Danube Food & Luxuries Company, a subsidiary of BinDawood Holding and the kingdom's leading premium grocery retailer. Danube will occupy a 3,600-square-metre flagship store within the development, positioning itself as a primary anchor among curated premium brands. The retail agreement was executed between Abdulrahman Zolaly, Mall Manager of Multaqa Al Madinah, and Eng. Ahmed Naytah, Executive Director of the Real Estate Sector at Danube.
Dr. Moath Al-Yahya, CEO of Knowledge Economic City, characterized the Danube partnership as a significant milestone reflecting confidence from leading national brands in Madinah's emerging urban destinations. The development strategy aligns with Saudi Vision 2030's pillars of pilgrim experience enhancement, quality of life improvements, and economic diversification. KEC's approach emphasizes bringing specialist partners into its five flagship districts to accelerate construction timelines and unlock asset value, with the company previously establishing development agreements with partners such as Alrashid Properties for complementary projects like Multaqa Residences.
The Multaqa Al Madinah designation as the city's first integrated lifestyle destination reflects KEC's positioning of the development as a destination property anchored by premium retail and hospitality offerings. The project's significance extends to KEC's capital strategy, as developer-funded partnership models allow the company to monetize land values while maintaining control over destination curation and brand positioning.
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