| 28 Apr 2008 |
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Emaar.E.C awards SR1.4 billion contract to Saudi Bin Laden Group to construct 16 residential towers in KAEC
Mr. Fahd Al-Rasheed (right), Chief Executive Officer, Emaar, The Economic City, and Mr. Omar Bin Laden, Chairman, Saudi Bin Laden Group, sign the contract.
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· Scheduled for completion in September 2009
Jeddah, Saudi Arabia - Emaar, The Economic City (Emaar.E.C)Emaar, The Economic City (Emaar.E.C)
, the Tadawul-listed company developing King Abdullah Economic City (KAEC), has awarded a SR1.4 billion contract to Saudi Bin Laden GroupSaudi Bin Laden Group for the construction of the 16 residential towers within Bay La Sun Village - the first and fully integrated residential community - in KAEC. Mr Fahd Al-Rasheed, CEO, Emaar.E.CEmaar.E.C
, signed the contract with Mr Omar Bin Laden, Chairman, Saudi Bin Laden GroupSaudi Bin Laden Group, in Jeddah, recently. The contract covers the design and construction of the 10-storey residential towers, each of which will feature two- to five-bedroom apartments. Mr Al-Rasheed said: "Saudi Bin Laden GroupSaudi Bin Laden Group
has proven capabilities in delivering the highest international standards in the design and construction of mega-projects. Through this agreement, Saudi Bin Laden GroupSaudi Bin Laden Group will lend its extensive expertise to develop the 16 residential towers in line with the luxury standards outlined by KAEC." Mr Omar Bin Laden said: "KAEC is setting new trends in engineering and construction technology, and Saudi Bin Laden GroupSaudi Bin Laden Group
is privileged to undertake the design and construction of the 16 residential towers within Bay La Sun Village. We will utilize our long-standing expertise in delivering the highest international standards to the project."Dr. Hosam Jomah, Executive Director - Projects, Emaar.E.CEmaar.E.C
, added: "The elegantly designed towers have luxury features that reflect the latest construction standards. With a total built-up area of 332,000 sq m, the towers are scheduled for completion in September 2009. In all, the residential project will feature 1,000 apartments, parking space for 1,700 cars, retail area of 15,000 sq m and lobby area of 7,000 sq metres. Strategically located to maximise views of the Red Sea, the towers will have visual corridors that open to sea-views and to be lined by retail and leisure amenities". 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.
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About Emaar, The Economic City:
Emaar, The Economic City (Emaar.E.C)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.CEmaar.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.CEmaar.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.
For more information, please contact:
Bashar Kharbat / Rayyan Dahlawi
ASDA'A Public Relations
Jeddah, Saudi Arabia
Tel: (+966 2) 6575194/ 195/ 196
E-mail: b.kharbat@asdaa.com
r.dahlawi@asdaa.com
Nivine William / Kelly Home
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in MENA
Dubai, UAE
Tel: (+971 4) 334 4550
Email: n.william@asdaa.com, k.home@asdaa.com
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