Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), the single largest private sector-led project in the region, has signed a construction contract worth over SR50 million with International Centre for Commerce and Contracting.
Dr Abdulraouf Al Mannaa, Managing Director, Emaar.E.C, and Mr Mohammed Al-Khuraiji, Chairman, International Centre for Commerce and Contracting signed the deal, which covers the construction of KAEC’s resort villas and main entrance gate.
“After completing the necessary studies and designs, we are now awarding contracts to construction companies for completing KAEC on schedule,” said Dr Mannaa. “Saudi-based companies like International Centre have extensive expertise and perfectly complement our aspiration to develop a world-class mega project.”
Mr Al-Khuraiji said: “KAEC is one of the most prestigious developments in the Kingdom, and as a home-grown company, it is our privilege and honour to be associated with a project that is billed to usher in a new era of economic prosperity for Saudi Arabia.”
KAEC sprawls over 168 million sq m and is located on the Red Sea coast. It has six key components - the Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities.
The main gate to the project will be 32 metres high and have a length of 150 metres. International Centre will complete construction of the gate in four months. As the main access to the project, the gate will be equipped with closed circuit cameras.
The deal covers the construction of town homes and villas in a total area of 6,400 sq m. The villas, the first development within the Resort District, are scheduled for completion in 10 months.
The Resort District will be a self-contained enclave of residential villas, golf course and resort hotels, set along the shores of Red Sea. It will also feature restaurants, retail outlets, Juma mosque and pedestrian walkways set amidst landscaped gardens.
“There has been considerable investor interest in the Resort District already, and the villas will meet the needs of a discerning clientele looking for world-class homes,” added Dr Mannaa.
Construction of the first apartment buildings in the residential area has commenced and the Presentation Center and a 15 km access road have been completed earlier this year. Potential investors can have a true-to-type feel of the villas at the Presentation Centre, and also register their interest. KAEC offers easy access to the two Holy Cities of Makkah and Madina and is also close to Jeddah.
About Emaar, The Economic City:
Emaar, The Economic City (Emaar.E.C) 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. Shares worth SR2.55 billion were offered for public subscription.
Emaar.E.C leads the master-planning and development of 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 – the sea port, industrial zone, 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.
