Dec 21 2005 |
more articles from
|
King Abdullah economic city to float IPO
Emaar will lead consortium, including Saudi Bin Laden and Aseer, to develop the $26.6B destinationDubai: Emaar Properties, a real estate developer based in Dubai, will lead a consortium, including Aseer and Saudi Bin Laden Group, to develop the $26.6 billion (Dh97.70 billion) King Abdullah Economic City that was launched yesterday.
About 30 per cent of the equity of the consortium will be raised through an initial public offering.
Emaar's shares jumped 2.4 per cent to Dh25.25 following the announcement.
The City will have six distinct components: a world-class seaport, an industrial district, a financial island, an education zone, resorts and the residential area.
Central to the mega project is the creation of a 2.6-million-square-metre new Millennium Seaport, similar in size to the world's top 10 ports, such as Rotterdam, that would allow even the world's largest super vessels to drop anchor.
This is the single largest mixed-use development project ever undertaken in the Gulf region and reflects a cross-border cooperation between two Gulf neighbours that are committed to a common market.
"It means a recognition of Emaar's expertise. Emaar is a pioneer in master-planned developments and Saudi Arabia will greatly benefit from Emaar's expertise," said Dr. Khalid Maniar, an investment adviser and managing partner of AGN MAK.
"This could be the beginning of an era of cross-border joint collaboration across the GCC that will strengthen the region and help its planned economic integration in the future."
Three residential distri-cts will form the fifth component of the new City. The first district wraps around a town centre, which will be a blend of the traditional and the modern.
The second district will have a corniche as its main theme. It is in keeping with this concept that the district will 'curve' around a top-of-its-class marina and yacht club with 450 boat moorings. The souq and retail elements will contribute 350,000 square metres of prime space. About 75,000 residents are expected to live there.
The third district will be a secluded residential community on an island on a choice location.
Amr Dabbagh, Sagia governor, said: "The City is one of the most impressive projects Saudi Arabia has attempted in the new millennium. The fact that we were able to move ahead with this project on a fast-track basis shows that Saudi Arabia is moving ahead with confidence to transform the economy and build more sustainable prosperity for its citizens.
By Saifur Rahman, Staff Reporter
© Gulf News 2005
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment