Knowledge Economic City Company represents one of the economic development projects launched under the economic cities initiative in Saudi Arabia. It aims at supporting the national economy through the creation of distinct investment opportunities as well as the establishment of knowledge industries in Madinah. It works as a catalyst for the development of an additional commercial area, with great attention being given by the Saudi Arabian government for the support of the economic growth in Saudi Arabia in general and Madinah in particular. Madinah has a tremendous position as being the first capital of Islamic civilization and the residence of the Prophet Muhammad, Peace be upon Him and the destination of spirituality, science and culture to millions of Muslims around the world.
The Custodian of the Two Holy Mosques, King Abdullah Bin Abdul-Aziz Al Saud raised the idea of Knowledge Economic City to be one of the pillars of economic diversification of the Kingdom of Saudi Arabia based on the propagation of knowledge and enhancement of the status of Madinah as a global center for science and Islamic civilization. In addition, it contributes to the development of the economic level of the city of Madinah, which is the fourth largest city in the Kingdom of Saudi Arabia in terms of population, with the annual growth rate that is higher than the average population growth in all regions and cities of the Kingdom of Saudi Arabia. It witnessed the implementation of several development projects to meet the growing demand for various services for the residents and visitors. It also witnessed a steady growth in the number of visitors from inside and outside the Kingdom.