| 06 Jan 2009 |
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Emaar EC Awards SAR 120 Million Contract to Construct Education Centre in KAEC
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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 Freyssinet Saudi ArabiaFreyssinet Saudi Arabia a SAR 120M contract for the construction of the mega-project's first school - within the Esmeralda District in KAEC. and Mr. Amjad Demashqyah, Managing Director, Freyssinet Saudi ArabiaFreyssinet Saudi Arabia, recently signed the contract in Jeddah for the state of the art school spanning 16,928 sq m, to be built to the international standards of world-renowned KAEC. The first phase of the school is scheduled for completion in August 2009 to meet with the new school year and will accommodate up to 1000 students of different grades. "The Letter of Acceptance (LOA) has been issued for the Design & Build Contract to Freyssinet Saudi ArabiaFreyssinet Saudi Arabia", said Mr Fahad Al Rasheed CEO of Emaar E.C. "The world class school, at a prime location near the Esmeralda Mall and Community Centre, shall be constructed on a fast-track project basis. The concrete works are well under way to meet with the completion, in time for the inauguration of city and school year".
'Freyssinet Saudi ArabiaFreyssinet Saudi Arabia is once again honored to undertake the design and construction of another key aspect of King Abdullah Economic City", said Mr. Amjad Demashqyah. "The School buildings will be iconic with inspirational and exciting spaces to meet the education requirements of its occupants."
Located on the Red Sea coast, the 168 million sq m KAEC has six key zones: The Sea Port, Industrial Zone, Central Business District, Educational Zone, Resort Zone and Residential Communities. The first phase of the mega-project has been launched to overwhelming investor response.
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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 SR8.5bn consisting of 850 million shares of nominal value SR10 each. Thirty per cent of the equity, worth SR2.55bn, 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:
Ms. Lubna Karim
Senior Account Manager
Public Relations
MEMAC Ogilvy, Jeddah
Office: +966-2-651 0704
Fax: +966-2-653 3800
E-mail: lubna.karim@ogilvy.com
© Press Release 2009
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