The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has signed a SR167 million agreement with Nesma Holding Co. Ltd to develop the infrastructure at Zone B within the Resort Cove, one of the key components within the mega project.
Mr Fahd Al-Rasheed, Board Member and Chief Executive Officer, Emaar.E.C and Mr Faisal Saleh Al Turki, Marketing Manager, of Nesma Holding Co. Ltd recently signed the agreement in Jeddah.
The contract has already been mobilized on site and installation of infrastructure is underway. The work is scheduled for completion in July 2009.
Mr Al-Rasheed said: “King Abdullah Economic City is making rapid strides in its evolution as a modern city in the Kingdom. This contract with Nesma Holding Co. Ltd comes as a step towards establishing the most-modern infrastructure within the City."
During the signing ceremony, Mr Fadah Al Mutaouh, Senior Director - Construction, Emaar.E.C said: “Nesma Holding Co. Ltd has competencies in infrastructure development and their extensive expertise will help lay down a modern infrastructure for Zone B of the Resort Cove.”
Mr Al Turki said: “Nesma Holding Co. Ltd has a strong presence in the Kingdom, and is delighted to be working with Emaar.E.C in undertaking infrastructure work for KAEC. We are confident of completing the work according to the terms of contract by next July.”
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.