Emaar, The Economic City awards SR325 million contract to Al-Radwan for building 134 villas within KAEC
Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has signed a SR325 million contract with Al-Radwan Contractors, a leading Saudi Arabian construction company, to build 134 villas within the Resort Cove.
Mr Fahd Al-Rasheed, Board Member and Chief Executive Officer, Emaar.E.C, and Mr Abdullah Al-Radwan, Chief Executive Officer, Al-Radwan Contractors, signed the agreement recently. As per the contract, Al-Radwan will construct 134 Spanish style villas overlooking a world-class, 780,000 sq m golf course.
Mr Al-Rasheed said: “King Abdullah Economic City has already set new benchmarks in construction and engineering excellence, and the first phase of the project is progressing as per schedule. The contract with “Al-Radwan” reiterates our commitment to deliver homes to customers on time, and to establish KAEC as a world-class community in Saudi Arabia.”
He added: “Al-Radwan Contractors has a proven track-record in undertaking several projects in the Kingdom. Our partnership also demonstrates Emaar.E.C’s objective of partnering with Saudi companies and thus work towards the overall socio-economic welfare of the Kingdom.”
Mr. Al-Redwan said: “KAEC is one of the most prestigious developments in the Kingdom now, and it is our privilege to be associated with it. The Resort Cove is a key component of the mega-project, and we will employ world-class construction techniques and best practices to meet the high standards set by Emaar.E.C for developing the villas.”
The villas are part of an integrated golfing community and range in size from 490 to 770 sq m. The 4 to 5 bedroom homes in six design styles and with two extra rooms for drivers and domestic help, will appeal to families and provide them the privacy of villa living while being part of a vibrant golfing environment. The villas open to pristine views of the golfing green, and will feature modern finishes and amenities.
Emaar.E.C has already signed a development contract with Rabya Trading & Agriculture Company for developing the world-class golf course. The 18-hole golf course is planned to host international tournaments and directly overlooks the Red Sea. Designed by European Golf Design, a British firm with a strong track-record in developing desert-style golf courses, the golf course will challenge all levels of golf professionals and also have a night lighting system for the convenience of golfing enthusiasts.
KAEC, the largest private sector projects in MENA, 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 SR147 million contract
- Emaar, The Economic City awards SR167 million contract to Nesma Holding Co. Ltd for infrastructure works within KAEC’s Resort Cove
- Emaar, The Economic City signs SR129 million road work contract for KAEC with Saudi Binladen Group
- Emaar EC awards SAR 120 million contract to construct education centre in KAEC
- Emaar, The Economic City signs contract with International Centre to construct resort villas at King Abdullah Economic City