KEC shares to be listed on Monday

08/08/2010 00:00 AST

Saudi Arabia’s stock exchange said Saturday shares of Knowledge Economic City (KEC) – the first of Saudi Arabia’s so-called smart city developments – will be listed on the exchange Monday.

KEC’s $271.98 million initial public offering in May was the biggest in the first half of the year in the Middle East and North Africa region, recent reports said.

The IPO represented 30.06 percent of the company’s capital, which will be invested to develop KEC’s project in Madina.

The KEC project as a whole - which covers 4.8 million square meters of land - is to be accomplished in 15 years, each phase having five years to develop. It will focus on intellectual property, knowledge-based industries, medical, hospitality, tourism and multi-media.

Within two months, the Marketing and Sales Center in KEC site will be ready.

As planned, the project is expected to create about $7 billion worth of investment opportunities as well as generate more than 20,000 jobs and provide some 30,000 residential units and accommodation for about 150,000 people.


Saudi Gazette

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