Saudi Arabia’s Knowledge Economic City inked three agreements with China Gezhouba Group International Engineering Company (CGGC) at an estimated value of $970 million.
The two entities will join forces to execute the works of the projects related to the framework agreement signed last June.
The deals determine the estimated project cost, payment schedule and cost settlement mechanism, which will be finalised upon fulfillment of certain conditions, the company said in a statement to the Saudi stock exchange (Tadawul).
The signed agreements cover the construction of the Al-Alya Project, a mixed-use project within a semi-gated community. It also includes the infrastructure works and the construction of phase one of the Islamic World District Project, a transit-oriented development.
Meanwhile, the Saudi company explained in its disclosure that there is no financial impact of these agreements on its financial statements at the present time.
It added that the financial impact will be determined according to the subsequent detailed agreements related to each of the projects in accordance with the nature of the joint work for each project.
Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah recently italked with Wang Yi, the Foreign Minister of the People’s Republic of China, around the developments and escalating situations in Gaza and its surroundings.
The international efforts being exerted concerning this, as well as the imperative of halting all forms of civilian targeting, were key points of emphasis, aligning with a mutual commitment to adhere to international humanitarian law.
Wang Yi reaffirmed – in a telephone conversation with Prince Faisal bin Farhan today – China’s stance and responsibility as a permanent member of the United Nations Security Council, emphasizing the crucial role of the Council in maintaining international peace and security.
