Three Saudi companies have formed a private real estate fund to deliver a SAR 2.8 billion (USD 746 million) mixed-use development within Knowledge Economic City (KEC) in Medina, with non-Saudi buyers squarely in their sights.
Dar Al Majed Real Estate Company (Al Majdiah) has signed a memorandum of understanding with KEC to develop the project, with KEC contributing land valued at approximately SAR 875 million and Al Majdiah contributing SAR 201 million. The fund, owned 80% by KEC and 20% by Al Majdiah, will be managed by Capital Hill.
The scheme will deliver 2,700 residential apartments, a commercial component with a net leasable area of 8,000 square metres and more than 3,500 parking spaces. The project lands at a pivotal moment for Saudi property: Saudi Arabia's Law of Real Estate Ownership by Non-Saudis came into force on 21 January 2026, for the first time permitting non-Saudi Muslims to legally purchase property in Medina within government-designated zones.
Gulf Economist Staff Writer