The first agreement is for SR117.5 million ($31.2 million) to fully implement contracting works for additional residential buildings, which includes four houses with 132 apartments.

The second deal is for SR171.1 million ($46.7 million), but the details were not disclosed in the filing.

The text is about a company entering into two contracts worth a total of SR171.13 million.

The first contract is for the construction of a commercial building, and the second contract is for the implementation of electromechanical, finishing, gardening, and site coordination works for eight residential buildings, providing 264 apartments.

Both contracts will be paid in installments based on work progress.

The financial impact of each contract will be represented in cash outflows to the contractors over a period of 24 months for the first contract and 20 months for the second contract, starting from the end of May 2024.

Al-Alya is a major project in Knowledge Economic City, featuring a gated complex with mixed-use components including hospitality, housing, offices, retail, and education.

Designed to humanize cities and enhance quality of life, it boasts green areas and pedestrian walkways.

The project aims to attract local and foreign businesses, entrepreneurs, and digital nomads to work in Madinah, aligning with Saudi Arabia's Vision 2030.