JEDDAH - The Knowledge Economic City (KEC) in Madina has awarded a SR54 million ($14 million) Program Management Services contract to AECOM for the development of Phase 1 of the prestigious City.
The agreement was signed by Tahir Bawazir, CEO of Knowledge Economic City and Douglas R. McCracken, president of Resource Sciences Arabia Ltd., AECOM’s operating company in the Kingdom on Tuesday at KEC headquarters in Jeddah.
Commenting on the agreement, Bawazir said “this agreement is considered as one of the important steps that Knowledge Economic City have undertaken in the initial implementation of its project in Al Madinah Al Munawarrah.”
Bawazir further said that the signing of agreement with AECOM is an indication of KEC’s initiative in attracting international expertise to support the development of the project through advanced and innovative programs, especially so, after an earlier agreement in which KEC signed power supply accord with Saudi Electricity Company.
McCracken said: “We are excited by this strategic win as it further extends our presence in the largest and fastest developing economy in the region. Our commitment to the Middle East is unwavering and wins such as this, come on the back of our expanding presence in the region.”
Under the accord, AECOM will provide comprehensive in-house project management services for Phase 1 of the development.
The services include project governance, project controls and systems, construction logistics strategy, procurement, and the pre-construction and construction phases.
Launched in June 2006, KEC is the fourth of six Economic Cities being developed in Saudi Arabia.
However, KEC differs from the others as it will concentrate on the development of knowledge-based industries. Moreover, it will become the center for Islamic research and knowledge as well as a medical hub. – SG