The Knowledge Economic City, the (Company) announces the Sign-Off the contract with ElKhereiji Commerce & Contracting Company to execute all contracting works for a group of additional 4 residential buildings providing 132 residential apartments of various sizes as part of the first phase of residential buildings of Al-Alya mixed-use Project. Date of Announcement of the Award: April 04, 2024. Contract Subject Matter: Implementation of all contracting works for a group of 4 residential buildings providing 132 residential apartments of various sizes, representing an addition to the current buildings being implemented by the contractor, ElKhereiji Commerce & Contracting Company.

This brings the total number of residential buildings to 12 buildings, providing 396 apartments assigned to ElKhereiji within the first phase of the Al-Alya mixed-use project. The Entity with Which the Contract was Signed: Elkhereiji Commerce and Contracting Company. Contract Value SAR 117,477,457 excludes VAT.

Contract Details: The contract for executing the construction, electromechanical, finishing, and landscaping works for a group of 4 buildings providing 132 residential apartments of various sizes as part of Al-Alya mixed-use Project. This new contract will add to the current works of the current group of buildings being implemented by Elkhereiji Commerce and Contracting Company. Contract Duration: 24 months starting from the issuance of the construction permits.

Financial Impact and the Relevant Period: The contractors dues will be paid in installments per monthly payment certificate based on work progress. Accordingly, the financial impact is represented in the cash outflow for the amount payable to the contractor over a period of 24 months.