| 04 Oct 2008 |
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Al-Shoala and Emaar sign SR 27 billion joint venture to develop 31 million sq m Rawabi Rumah mixed-use project
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His Royal Highness Prince Meshal Bin AbdulAziz Al Saud and His Excellency Mohamed Ali Alabbar sign agreement, Mega project to create direct jobs for over 25,000 people, Plans for date palm park and green belt extending over 400 acres, Luxury villas, retail centres and commercial space, Integrated community with educational institutions, hospitals and hotels
Jeddah, Saudi Arabia; October 4, 2008: His Royal Highness Prince Meshal Bin AbdulAziz Al Saud, Chairman of Saudi Arabia's Bayah Council, and owner of Al-Shoala Group of Establishment, today, announced a SR 27 billion joint venture project with Emaar PropertiesEmaar Properties
to develop a 31 million sq m master-planned community, Rawabi Rumah, located near Riyadh.His Royal Highness Prince Meshal signed the joint venture with His Excellency Mohamed Ali Alabbar, Chairman, Emaar PropertiesEmaar Properties, in Jeddah, recently.
EmaarEmaar, a global property developer, will share its core competencies in integrated mega-project development by creating a vibrant community featuring luxury homes and commercial space, retail outlets, healthcare centres, educational institutions and community centres. One of the highlights of Rawabi Rumah is a proposed date palm park and green belt that will sprawl over 400 acres (1.6 million sq m) - more than the size of Hyde Park.
His Royal Highness Prince Meshal said: "Rawabi Rumah will be a path-breaking project for Saudi Arabia and reflects the vision of The Custodian of the Two Holy Mosques King Abdullah bin AbdulAziz Al Saud to further strengthen the economy and enhance the welfare of the people. Rawabi Rumah will create over 25,000 direct jobs across various economic sectors."
He added: "EmaarEmaar
is already an active partner in the growth of Saudi Arabia, and through the partnership we are leveraging on the company's capabilities to create world-class master-planned communities. Rawabi Rumah will be a trend-setting development and a new lifestyle destination for the Saudi people."His Excellency Mr Alabbar said: "We are thankful to The Custodian of the Two Holy Mosques King Abdullah bin AbdulAziz Al Saud, His Royal Highness Crown Prince Sultan bin AbdulAziz Al Saud and His Royal Highness Prince Meshal Bin AbdulAziz Al Saud for their trust in EmaarEmaar. It is our honour to partner in the growth of Saudi Arabia through projects such as King Abdullah Economic City, Jeddah Gate and Al Khobar Lakes, and serviced residences at Abraj Al Bait in the Holy City of Makkah."
He added: "Saudi Arabia is a major market for EmaarEmaar
, and we are privileged to be part of pioneering developments that meet the growing need for quality real esate in the Kingdom. Rawabi Rumah will be an integrated development offering all lifestyle amenities in one neighbourhood, and has the potential to create new job opportunities and support domestic industries."Master-planning for Rawabi Rumah is in progress with several international designers working on the project. Sprawling over a total gross land area of 31 million sq m, Rawabi Rumah will allocate around 60 per cent of the master plan for residential developments including villas, town houses and apartments. Residents and visitors will have access to a diverse range of retail outlets that meet their lifestyle needs.
Apart from prime commercial space to support modern offices, hospitality projects and several leisure amenities will also be featured. Adding to the welfare of residents, the community will feature modern healthcare centres including a hospital that supports healthcare research. The hospital alone will create over 6,000 job opportunities, and will be complemented by a Medical University that can support over 5,000 students. The community will also have other educational amenities. Rawabi Rumah will also have mosques, community centres and a central park. Each mosque will be centrally located in the neighbourhood park with two Grand Mosques also being planned.
EmaarEmaar is pioneer in creating master-planned communities in the region. King Abdullah Economic City, developed by Emaar, The Economic CityEmaar, The Economic City (Emaar.E.C)(Emaar.E.C) is the single largest private sector project in the region, and is located on 168 million sq m of land on the Red Sea coast. Jeddah Gate and Al Khobar Lakes are integrated neighbourhoods developed by Emaar Middle EastEmaar Middle East in Jeddah and Al Khobar, respectively.
has further underscored its commitment to the Saudi economy by offering 628 spacious studios and one- to three-bedroom apartments as part of the Abraj Al Bait development in the Holy City of Makkah. Overlooking the Holy Mosque, Abraj Al Bait is part of the King AbdulAziz Endowment of The Two Holy Mosques, and is an architectural landmark created to serve the faithful who come to Makkah from around the world.-Ends-
About Emaar PropertiesEmaar Properties PJSC:
Emaar PropertiesEmaar Properties PJSC is one of the world's largest real estate companies and is rapidly evolving to become a global provider of premier lifestyles. Powered by its Vision 2010 to become one of the most valuable companies in the world, EmaarEmaar is charting a new course of growth with a two-pronged strategy of geographical expansion and business segmentation. EmaarEmaar has been assigned A- and A3 ratings with stable outlook by Standard & Poor's and Moody's Investor Services, respectively.
Replicating its successful business model in Dubai, EmaarEmaar is extending its expertise in creating master-planned communities to international markets. EmaarEmaar is also developing new competencies in malls, hospitality & leisure, education, healthcare and finance, which have evolved from its integrated approach to customer service and property development.
Listed on the Dubai Financial Market, part of the Dow Jones Arabia Titans Index and certified to ISO9001:2000 for quality standards, EmaarEmaar is developing Burj Dubai, the world's tallest building and free-standing structure, and The Dubai Mall, one of the world's largest shopping and entertainment destinations. In Saudi Arabia, EmaarEmaar is developing the US$ 26.6 billion King Abdullah Economic City, the region's largest private sector-led project. EmaarEmaar's portfolio currently covers the following countries: the UAE, Saudi Arabia, Jordan, Syria, Lebanon, Morocco, Egypt, Turkey, Libya, Algeria, India, Pakistan, China, Indonesia, the US, the UK, France and Canada.
An award-winning developer, EmaarEmaar has strengthened its product sale competencies, market reach and best practices through strategic acquisitions and joint ventures. EmaarEmaar acquired John Laing Homes, America's second largest privately held home builder; Hamptons International, UK's premier realtor; and formed a joint venture with US-based Turner International to strengthen execution capabilities.
EmaarEmaar has joined hands with Giorgio Armani and Accor Hotels to strengthen its presence in hospitality, and will launch ten luxury Armani Hotels & Resorts world-wide and 100 Formule 1 budget hotels in India. The company is opening educational institutions and healthcare centres in South Asia, Middle East and North Africa and the Subcontinent. EmaarEmaar acquired Singapore-based leading education provider, Raffles Campus, to extend expertise to its educational institutions.
EmaarEmaar holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking. EmaarEmaar is also the largest shareholder in Amlak Finance, UAE's leading Islamic home financing company. For more information, visit www.emaar.com.
For further information, please contact:
Kelly Home
Nivine William
ASDA'A BURSON-MARSTELLER
Tel: (+971 4) 334 4550
E-mail: k.home@asdaa.com,
E-mail: n.william@asdaa.com
© Press Release 2008
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