Emaar Middle East unveils SR 42 bn (US$11.2 bn) Jeddah Hills community in Saudi Arabia

Published May 10th, 2006 - 11:22 GMT

Emaar Middle East (EME), a joint venture between UAE-based Emaar Properties and Saudi-based real estate company Al Oula Development, today announced the development Jeddah Hills - a SR 42 billion (US$11.2 billion) community located in the port city of Jeddah.

The development marks the second major foray into Saudi Arabia for Emaar Properties, with the massive 2,286 hectare Jeddah Hills project following the announcement of the SR 100 billion (U$26.6 billion) King Abdullah Economic City in December last year.

At a signing ceremony in Riyadh today, HRH Prince Mishal Bin AbdulAziz AlSaud joined Emaar Chairman Mohamed Ali Alabbar and Al Oula Chairman Suliman Al Muhaidib to explain the vision behind the landmark project.

Nearly 20,000 residential units – a combination of townhouses and single homes – will be on offer, alongside commercial and retail facilities. Homes range from 500 sq. m. to 1500 sq. m. and will offer larger, scenic, home lots not commonly available in Jeddah. Residential units will go on sale from the first quarter of 2007.

 


“Jeddah Hills is truly a unique project. It shows us how development can take place in a manner which is harmonious with nature and yet offers a luxurious luxury living environment. Set between 70 and 90 metres on a hilltop, Jeddah Hills offers spectacular views over the surrounding landscape towards the Red Sea, North Jeddah and the Mountains in the East,” said Mohamed Ali Alabbar.

He added: “Jeddah City offers a new option in Saudi Arabia and joins the first phase of our plans for expansion in the Kingdom. There is more to come from Emaar and plenty more for would-be owners and investors to look forward to. Emaar is determined to confirm its position as one of the leading real estate companies in the world while delivering top quality homes to our customers and unprecedented returns to our shareholders.”

Al Oula Chairman Suliman Al Muhaidib said the use of strong, community oriented planning principles and ideally located amenities of the Jeddah Hills development will make it easier for residents to interact more, enriching their lives by the exchange of culture, insight and support.

“Jeddah Hills aims to set a new standard in luxury living by creating a variety of lifestyle choices set in a distinct natural environment,” Al Muhaidib said. “Emaar has once again proved its capabilities as a visionary in the region.”

The Jeddah Hills community is made up of 24 residential villages, each featuring a broad spectrum of community amenities arranged in a hub-and-spoke model. Included will be shared areas such as large parks, recreation spots and schools on the outer edges and community facilities such as mosques, healthcare services and village squares at the centre.

 

The villages, each measuring 45 hectares or 465,000 sq. m., are connected by a network of internal streets and external thoroughfares, public green spaces, community lakes and additional public amenities including playgrounds.

“The roads, traffic and public transportation networks in Jeddah Hills have been carefully planned to ensure as much access and as few inconveniences as possible,” Alabbar explained.

Landscaped areas and parks are also positioned between the various village communities to provide maximum advantage for all residents.

A typical village, according to Emaar, will house 750 residential plots, a local mosque, primary and secondary schools and essential amenities including clinics, police, post office, civil defense and municipality services. All amenities, including the transport network, will be within a five-minute walk of all residents.

The integrated transportation plan and network of public open spaces have been fine tuned to ensure maximum pedestrian access and a true sense of community, Alabbar said.

“We want to foster an exchange among people, and between the people and the environment they live in,” he said. “Facilitating ease of movement and a safe, secure, distinct and memorable community is the best way to do that.”

Emaar’s innovative offering of self-contained, amenities-rich communities have created lifestyle options that have been the first choice for many investors. The integration of schools, health facilities, parks, landscaped environs and retail centres within master-planned golf, equestrian and marina themed communities has proven to a big attraction for the home buyer.

With joint ventures and projects covering Saudi Arabia, Syria, Egypt, Morocco, Turkey, India, Pakistan and now Tunisia, Emaar is taking its winning formula first conceived in its home base Dubai to the rest of the world.

For further information and updates surrounding Jeddah City, please visit www.emaar.com.

About Emaar Properties PJSC:
Emaar Properties, the Dubai-based Public Joint Stock Company, is listed on the Dubai Financial Market and is part of the Dow Jones Arabia Titans Index. The company recently announced that its net profits for the first quarter ended 31 March 2006 reached AED 1.517 billion (US$406.9 million) – an impressive rise on the AED 1.325 billion (US$355.4 million) for the equivalent period. Gross profit for the same period reached AED 1.487 billion (US$398.8 million) compared to AED 1.435 billion (US$384.9 million) achieved during the same period last year. Emaar’s net profits for the year ended 31 December, 2005 climbed 180 per cent, to a record AED 4.731 billion (US$1.288 billion). The figures represent a substantial increase on the AED 1.691 billion (US$460 million) for the year 2004.

The company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base with more than 13,000 homes handed over to satisfied customers to date. Currently, it has several major real estate projects under various stages of development in Dubai including Arabian Ranches, Dubai Marina, Emirates Hills, The Views, The Meadows, The Springs, The Lakes and The Greens. The company also owns and manages the Gold and Diamond Park.

Emaar has started construction on its most ambitious UAE project to date, the AED 73 billion (US$20 billion) Burj Dubai Downtown development, which comprises the Burj Dubai - the tallest tower in the world when completed in 2008, The Dubai Mall, Burj Dubai Boulevard, The Lofts, The Old Town, The Old Town Island, The Residences, Business Hub, Burj Views, man-made lakes, landscaped parks and gardens. The company has joint ventures and projects across the region covering Saudi Arabia, Egypt, Syria, Morocco, Turkey, India and Pakistan.

Last year the award winning property developer announced plans to aggressively expand the retail sector with investments of over AED 15 billion (US$4 billion) to develop approximately 100 malls in the mega emerging markets of the Middle East, North Africa and the Indian subcontinent. In addition, Emaar has teamed up with Giorgio Armani S.p.A to build and manage 10 Armani hotels and resorts across the world; an Armani hotel will feature in Emaar’s flagship Burj Dubai tower.

Recently the company also announced plans to expand its investments into the education and healthcare business. The education initiative will involve the establishment of international schools in the MENA region and India, which will offer premium quality education and an integrated curriculum for students ranging from kindergarten to tertiary levels. Emaar’s healthcare diversification will see the company invest around AED 18.35 billion (US$5 billion) over the next decade in the MENA and South Asia markets with the construction of hospitals, clinics and medical centres and the investment in the provision of world-class healthcare services.

 

While continuing to actively pursue expansion in its core business of innovative, high quality real estate development, Emaar has diversified into related business lines to further build value for its 59,000 shareholders, which includes the Government of Dubai. Emaar owns and manages EMRILL, a joint venture with the UK-based Carillion which provides innovative property and facilities management services. Emaar also holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking and is the majority shareholder in Amlak Finance, UAE’s leading Islamic home financing company. For further information, please visit www.emaar.com.


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