Emaar, The Economic City appoints HSBC Saudi Arabia Ltd as financial advisor for KAEC infrastructure work |
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FahdAlRasheedandTimothyGraysigntheagreementinJeddah_2008_10_20.jpg)
Mandated to oversee financial aspects of power, water, waste-water and solid waste infrastructure
Plans to offer BOO opportunities to private sector companies shortly
Jeddah, Saudi Arabia; October 20, 2008: Emaar, The Economic City (Emaar.E.C)Emaar, The Economic City (Emaar.E.C)
, the Tadawul-listed company and master developer of King Abdullah Economic City (KAEC), has appointed HSBC Saudi ArabiaHSBC Saudi Arabia Ltd as the financial advisor for infrastructure work within the mega-project. HSBC Saudi ArabiaHSBC Saudi Arabia Ltd has been mandated to offer financial advisory services and investment consultancy for infrastructure work related to power, water, waste-water and solid waste. Mr Fahd Al-Rasheed, Board Member and Chief Executive Officer of Emaar.E.CEmaar.E.C, and Mr Timothy Gray, Chief Executive Officer, HSBC Saudi ArabiaHSBC Saudi Arabia Ltd, signed the agreement in Jeddah, recently.
Emaar.E.CEmaar.E.C plans to offer multiple Build-Own and Operate (BOO) opportunities to private sector companies to undertake the infrastructure work in the coming months. HSBC Saudi ArabiaHSBC Saudi Arabia Ltd will play a key role in establishing international guidelines in realising these contracts.
Mr Al-Rasheed said: "KAEC has made rapid strides in on-schedule project execution with several key components taking shape. Emaar.E.CEmaar.E.C is committed to offering the highest standards in infrastructure support cost-effectively. HSBCHSBC's global expertise as project associate for leading developments makes the company an ideal financial advisor and partner for developing the utilities and infrastructure work of KAEC."
He added: "Mandating HSBCHSBC is an important step towards developing the essential infrastructure within KAEC. This is based on an internationally accepted model which maximizes interest from commercial partners and assures timely delivery in-line with our overall development schedule."
Mr Timothy Gray, CEO of HSBC Saudi ArabiaHSBC Saudi Arabia Ltd., said: "We are very pleased to be working with Emaar.E.CEmaar.E.C on this important and ground-breaking initiative to diversify the economic base in Saudi Arabia. This is further evidence of HSBCHSBC's capabilities in the investment banking sector and our continued commitment to the development of the Kingdom."
KAEC is the single largest private sector-led project in the region, spreading over 168 million sq m 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 first phase of KAEC.
-Ends-
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 / Saleh Al Hamamy
ASDA'A Burson-Marsteller
Jeddah, Saudi Arabia
Tel: (+966 2) 6575194/ 195/ 196
Fax: (+966 2) 6575277
E-mail: b.kharbat@asdaa.com
s.hamamy@asdaa.com
Kelly Home / Nivine William
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: (+971 4) 334 4550
Email: n.william@asdaa.com, k.home@asdaa.com
© Press Release 2008
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