Emaar.E.C awards SR390 million contract to Freyssinet Saudi Arabia for second phase of Business Park in King Abdullah Economic City

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Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has awarded Freyssinet Saudi Arabia a SR390 million contract for the construction of the second phase of the Business Park within Bay La Sun Village – an integrated residential community - in KAEC.

Mr Fahd Al-Rasheed, CEO, Emaar.E.C, signed the contract with Mr Amjad Demashqyah, Managing Director, Freyssinet Saudi Arabia, in Jeddah, recently. The contract covers the design and construction of three office buildings, day care centre, restaurants and waterfront shops easily accessible from the promenade. The second phase of the Business Park, spanning 66,744 sq m, is scheduled for completion in September 2009.

Emaar.E.C had previously awarded a contract worth SR348 million to Freyssinet Saudi Arabia for the construction of first phase of the Business Park, featuring two office buildings and a two-storey basement parking. One building will be for the exclusive use of the Saudi Arabian General Investment Authority (SAGIA), the prime facilitator of KAEC; and the other will be partially occupied by Emaar.E.C.

Mr Al-Rasheed said: “Freyssinet Saudi Arabia has highlighted its capabilities in executing the highest standards of design and construction by undertaking the first phase of the Business Park. Through this agreement, Freyssinet Saudi Arabia will work on the second phase delivering the same high standards, which will further enhance the appeal of the Business Park to business investors.”  

Mr Demashqyah said: “Freyssinet Saudi Arabia is privileged to undertake the design and construction of the second phase of the Business Park. We will utilize our long-standing expertise in bringing the highest international standards to the project.”

The five-building Business Park covers a total area of 258,000 sq m and will have the entire range of amenities including hi-speed Internet and telecom connectivity, and quality finishes. A day care centre, retail outlets and restaurants are part of the modern complex.

KAEC is the single largest private sector-led project in the region and has six key components: the Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities. Work is progressing according to schedule on the various zones.