Emaar, The Economic City awards SR147 million contract
Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has awarded a SR147 million development contract to Rabya Trading & Agriculture Co. for developing a world-class golf course in the Esmeralda residential suburb within KAEC. The work is scheduled for completion within a year.
Mr Fahd Al-Rasheed, Board Member and Chief Executive Officer, Emaar.E.C and Mr Samir Karidia, of Rabya Trading & Agriculture Co. recently signed the agreement in Jeddah.
The contract covers the construction of a golf course stretching over 780,000 sq m of land and consists of various utilities to be constructed in accordance to international standards and in line with the modern lifestyle provided by KAEC. The 18-hole golf course is designed to host international tournaments and directly overlooks the Red Sea.
Mr Al-Rasheed said: “Rabya has extensive expertise in undertaking landscaping work, and has proven its capabilities in developing world-class sports and game facilities. Emaar.E.C is committed to bringing in a modern life style to KAEC that suites all needs of different residents, it has signed with one of the best firms in developing desert-style golf courses that fits the Gulf area.”
Dr Hussam Jomah, Executive Director – Projects, Emaar.E.C, said: “KAEC is progressing on-schedule with all components of the first phase progressing seamlessly. Emaar.E.C is committed to delivering a world-class project according to our envisaged projections, with the first phase of homes and industrial plots to be handed over end of this year and early 2009.”
Mr Samir Karidia said: “It is our privilege to work on KAEC, the region’s largest private sector project and a truly global development. Rabya will develop the golf course to international standards. We are committed to providing all necessary expertise to ensure completion of the project as per schedule.”
The golf course is designed by European Golf Design, a British firm with a strong track-record in developing desert-style golf courses. The elegant course with green fairways will challenge all types of golf professionals and will feature a night lighting system for the convenience of golfing enthusiasts.
KAEC has six key components: Sea Port, Industrial Zone, Central Business District, Educational Zone, Resort Zone and Residential Communities. Work on KAEC’s infrastructure is on-going and several key contracts have been awarded already.
- Emaar, The Economic City awards SR325 million contract to Al-Radwan for building 134 villas within KAEC
- Emaar, The Economic City awards SR167 million contract to Nesma Holding Co. Ltd for infrastructure works within KAEC’s Resort Cove
- Emaar.E.C awards SR1.4 billion contract to Saudi Bin Laden Group
- Emaar EC awards SAR 120 million contract to construct education centre in KAEC
- Emaar, The Economic City signs MoU with Siemens to set up power grid at King Abdullah Economic City