Knowledge Economic City (KEC), one of four mega economic cities under development in the Kingdom of Saudi Arabia, is coming close to listing its name on the Saudi Stock Market Exchange (Tadawul) after completing its paid-up capital through the receipt of a five million sq. meters land in the Holy City of Madinah where KEC is to be developed. Prince Khalid Bin Abdullah Bin Abdul Aziz signed the transfer agreement of the land from the “King Abdullah Foundation for his Parents for Charitable Housing” to the developer's name at the KEC headquarters - the lead developer company. The signing of the land transfer agreement marked the completion of the company's shareholders' contribution to its paid-up capital, and the full entrance of King Abdullah Foundation for his Parents for Charitable Housing into the board of the project's company. KEC considers the signing of the agreement as one of the last steps to be taken before offering part of its shares in an initial public offering (IPO) planned in the second half of 2009. KEC Chairman Sheikh Ibrahim Al-Issa and Eng. Tahir Mohammed Bawazir, chief executive officer and board member of KEC, attended the signing ceremony along with other board members including Dr. Sami Baroom, Sheikh Saleh Bin Laden, and Mahmoud Abdul Ghafar. “The signature of HRH Prince Khaled Bin Abdulla Bin Abdul Aziz is the final step in the contribution of King Abdullah Foundation for his Parents for Charitable Housing to the developer company's paid-up capital,” said Al-Issa. KEC has completed all the legal requirements for going public after the developer company received the approval of Saudi Arabia's Supreme Economic Council, he added. Al-Issa said KEC initiated the groundwork at the city through signing a contract with a leading national company to develop the land. “The development of KEC is the fruit of The Custodian of the Two Holy Mosques King Abdullah Bin Abdul Aziz's visit to the Holy City of Madinah,” he added. __
