Manal Saleh 


•         The closed-ended private real estate fund will develop an integrated mixed-use destination comprising more than 1,500 residential units and approximately 30,000 square metres of leasable space.

Madinah, Kingdom of Saudi Arabia, 8 September 2026: Knowledge Economic City Company, Kaden and Capital Hill signed Memorandum of Understanding to establish a closed-ended private real estate investment fund, subject to the completion of the fund’s establishment procedures and the receipt of the required approvals from the competent authorities.

Knowledge Economic City is an urban development company listed on the Saudi Exchange (Tadawul), operating under the supervision of the Economic Cities and Special Zones Authority and contributing to the urban and economic transformation of Madinah. Its master plan extends over 6.8 million square metres within the city’s urban boundary, where it develops modern integrated destinations that combine residential, commercial, cultural and entertainment components.

The MOU brings together three complementary areas of expertise to deliver a distinctive real estate project that meets the needs of the region and supports the urban and economic growth of Madinah. Under the agreement, Capital Hill will establish and manage the fund; Kaden will participate as developer, operator and investor; and Knowledge Economic City will participate as landowner and master developer, in accordance with the agreed scope of work and responsibilities, in support of the delivery of the project’s phases.

The project comprises the development of an integrated mixed-use destination under the name “Multaqa AlMadinah 2” combining residential and commercial components, including more than 1,500 residential units and approximately 30,000 square metres of leasable space, in addition to green spaces and open areas. Together, these components aim to create a vibrant destination that strengthens real estate and investment activity in Madinah and adds sustainable residential and commercial capacity to the city.

The project is seamlessly integrated with Multaqa AlMadinah, the city’s newest lifestyle retail destination, and directly connected to the Hilton Hotel and Hilton Branded Residences, creating an integrated lifestyle destination that brings together residential, hospitality, retail, dining and leisure experiences.

The MOU is an extension of the development model adopted by Knowledge Economic City, which finances development through real estate funds and specialised partnerships rather than relying solely on the company’s balance sheet. This model accelerates the pace of development, improves capital efficiency and broadens the base of investors participating in the growth of Madinah, while the company retains its role as master developer and landowner.

Kaden plays a pivotal role in the project through its integrated approach, which covers the full project life cycle, from planning and development through to management and operation. The company will also draw on its expertise in developing mixed-use destinations and in asset management and operation to support the delivery of the project to high standards of quality and efficiency, and to strengthen its long-term operational and investment sustainability.

The MOU reflects Kaden’s standing as a strategic partner with the investment, development and operational capabilities required to contribute to major mixed-use real estate projects across the Kingdom, together with the company’s ability to manage the various phases of a project within an integrated model that supports the achievement of its objectives and maximises its value.

The project comes amid rapidly growing real estate demand in Madinah, driven by rising numbers of pilgrims and by the Saudi Vision 2030 targets to expand the capacity of the Holy Cities and enhance quality of life within them. The project will help meet the growing demand for quality residential units and commercial space in the city, supporting the relevant Vision programmes, including the Pilgrim Experience Programme, the Housing Programme and the Quality of Life Programme.

Commenting on the agreement, Dr. Moath Al-Yahya, Chief Executive Officer of Knowledge Economic City, said: “This MOU reflects the development model we have adopted, which combines institutional capital with specialised expertise to develop distinctive projects, while Knowledge Economic City retains its role as landowner and master developer.”

He added: “Developing the project through a specialised real estate fund allows us to accelerate delivery and broaden the base of investors participating in Madinah’s growth, while adding sustainable residential and commercial capacity to meet the city’s growing demand.”

Eng. Mohammed Al Othman, Chief Executive Officer of Kaden, said: “We are proud to partner with Knowledge Economic City and Capital Hill on a project of this scale and significance in Madinah. Kaden participates in the project as developer, operator and investor, bringing its integrated approach and extensive experience in developing, managing and operating distinctive destinations to deliver an integrated destination befitting Madinah’s stature and meeting its growing needs.”

He added: “Madinah is one of the Kingdom’s most important growth markets, and this agreement reflects our confidence in its future and our long-term commitment to contributing to its urban and economic development through sustainable projects that create value for the community, investors and partners.”

Abdulaziz Almosa, Co-Founder and Chief Executive Officer of Capital Hill, said: “Capital Hill was established to institutionalise real estate in the Kingdom, connecting capital with quality real estate opportunities through an institutional model. It is our privilege to advance the transformation of Madinah, at a moment when the Kingdom’s new foreign ownership rules are opening its real estate market to a broader base of investors. Part of our focus is on building projects that support the growth of the Holy Cities and give visitors, pilgrims and residents a world-class lifestyle experience and this project helps deliver on that objective.”

The project will be developed within the Knowledge Economic City master plan, which extends over 6.8 million square metres within the Haram boundary in Madinah and sits on the strategic corridor linking Prince Mohammed bin Abdulaziz International Airport with the Haramain High-Speed Railway station and King Abdulaziz Road, in close proximity to the Prophet’s Mosque. Upon completion, the master plan is designed to accommodate approximately 200,000 residents and 42,000 hotel rooms, alongside residential, commercial, educational and service facilities, making it one of the largest integrated urban developments in Madinah.

This memorandum of understanding is a step towards advancing the project and completing the associated procedures, paving the way for its next phases. The establishment of the fund remains subject to the completion of the required regulatory procedures and the receipt of approvals from the competent regulatory authorities.

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About Knowledge Economic City

Knowledge Economic City is a public joint-stock company listed on the Saudi Exchange (Tadawul), operating under the supervision of the Economic Cities and Special Zones Authority. Its master plan extends over 6.8 million square metres within Madinah’s urban boundary, where it develops integrated destinations that combine residential, commercial, cultural, entertainment and service components.

About Kaden

Kaden is a Saudi company specialising in real estate investment and development and in asset management and operation. It holds a diversified portfolio of projects and destinations across several sectors, including commercial and mixed-use projects such as Riyadh Front and Jeddah Front, alongside logistics projects, most notably The Logistics Park. The company continues to expand its investments and build strategic partnerships that deliver distinctive, sustainable projects and strengthen urban and economic growth across the Kingdom.

About Capital Hill

Capital Hill is a Saudi-focused real estate capital platform, structured to deploy and manage capital across the real estate value chain through development strategies, income strategies, and real estate-backed credit.