Knowledge Economic City Signs Letter of Intent for New Development Fund

03:55 AM EDT, 07/28/2026 (MT Newswires) -- Knowledge Economic City Co. (SASE:4310) signed a letter of intent with BSF Capital to establish a general framework for a closed-ended private real estate investment fund. The property company signed the letter of intent alongside its subsidiary, Algharraa International Real Estate Development Co., according to a Tuesday filing. The planned fund will develop the Knowledge Gardens project in Knowledge Economic City in Madinah, Saudi Arabia. Knowledge Economic City and Algharraa will jointly receive 800 million Saudi riyals in cash upon executing definitive agreements. The payment represents part of the value of the land worth 1.66 billion riyals that will be contributed to the fund. The letter of intent will be valid for 120 days, with the fund expected to have a duration of four years from launch, with the option to extend the fund term for two additional one-year periods. Fourmen Investment Co. is also one of the signatories of the letter, and additional investors may also be added as participants in the fund.