Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), will showcase the progress achieved on KAEC at the Makkah Mega Developments Exhibition. As a diamond sponsor, Emaar.E.C will also highlight the Coast Towers, the new residential units located within the Bay La Sun Village, which will be launched at the opening day of the exhibition on October 11, 2008.
Held under the patronage of the Custodian of the Two Holy Mosques King Abdullah bin AbdulAziz Al Saud, Makkah Mega Developments Exhibition will continue for three months.
Mr. Fahd Al-Rasheed, Board Member and CEO, Emaar.E.C, said: ”KAEC embodies the vision of the Custodian of the Two Holy Mosques King Abdullah Bin AbdulAziz Al Saud, of engaging the public and private sectors in the economic, social and urban development of the Kingdom. The Royal patronage of the event comes as a further reiteration of the support to achieve this vision.
He added: “Makkah Mega Development Exhibition is an ideal platform to reach more investors and to highlight the potential for investments within KAEC. Furthermore, Emaar.E.C will dedicate a professional team to provide detailed explanations to investors regarding all aspects of KAEC including the Coast towers.”
Located within the Bay La Sun residential village, the Coast Towers directly overlooks the Red Sea and is adjacent to the Business Park. The new residential project will offer two- to five-bedroom apartments featuring modern fittings, quality finishes, and advanced telecom and entertainment connectivity.
Other community amenities include health & fitness facilities, swimming pools, underground parking, high-end retail outlets, and children’s play areas. Twenty-four hour security and maintenance support are standard. Residents can enjoy a range of lifestyle amenities including easy access to the Marina and the Bay La Sun walkways, set amidst placid water canals. Bay La Sun also features an extensive array of boutique outlets and restaurants.
The launch of sales of the new residential units will also be held in Jeddah at Laylati Ballroom and at the Sales Center in Riyadh from October 12 to 14, 2008. Potential investors can call 8001180010 or visit www.baylasun.com for more details.
Mr. Al-Rasheed added: “The high level of confidence showed by investors on KAEC has been a great motivation to further exert efforts in developing KAEC as a modern and smart city. The launch of the new residential units in KAEC is in line with the overall city development plan to offer opportunities for people to live and work in a unique and modern environment. Emaar.E.C is committed to creating a competitive environment for local and global investments.”
KAEC is the single largest private sector-led project in the region, spreading over 168 million sq m 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 first phase of KAEC.
About Emaar, The Economic City:
Emaar, The Economic City (Emaar.E.C), established in September 2006, is a Saudi joint stock company managed by Emaar Properties PJSC, one of the world’s largest property developers, and a number of high profile investors from Saudi Arabia. Emaar.E.C has a share capital of SR8.5 billion consisting of 850 million shares of nominal value SR10 each. Thirty per cent of the equity, worth SR2.55 billion, was offered for public subscription.
Emaar.E.C leads the master-planning and development of the 168 million sq m King Abdullah Economic City (KAEC), a project being built on a pristine location off the Red Sea in the north of Jeddah. SAGIA (Saudi Arabian General Investment Authority), the body responsible for inward investments into the Kingdom, is the prime facilitator for KAEC.
KAEC, a New Age City being built today for tomorrow’s generation of Saudi citizens, has six components – sea port, industrial district, educational zone, central business district with commercial, mixed-use, retail outlets and financial island, resorts and residential area.
The mega-project works closely with the Kingdom’s on-going drive to expand the economy, create employment opportunities for its youthful population and function as a catalyst to attract foreign investment, global trade, commerce and industry. Based on initial forecasts, the project and its several components will create up to one million employment opportunities in the various industries and service-oriented companies that will open in KAEC. It will also be home to 2 million residents.
© 2008 Al Bawaba (www.albawaba.com)
