May 25 2011
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Saudi Arabian Government signs SAR 5 billion loan agreement with Emaar, The Economic City to drive second phase of King Abdullah Economic City
Alabbar thanks the Custodian of the Two Holy Mosques King Abdullah Bin Abdul Aziz Al Saud for his support
Dubai, UAE; May 25, 2011: The Saudi Arabian Ministry of Finance has signed a loan agreement with
Emaar, The Economic City
), a Tadawul-listed company, for SAR 5 billion (US$ 1.33 billion) to accelerate the development of the second phase of King Abdullah Economic City (KAEC), the largest of its kind private sector development in the region.
Mr Mohamed Alabbar, Chairman, Emaar.E.C and Emaar Properties PJSC, thanked the Custodian of the Two Holy Mosques King Abdullah Bin Abdul Aziz Al Saud for his support to the project, which is billed to usher in a new era of socio-economic prosperity to the Kingdom. Emaar Properties is a majority shareholder in Emaar.E.C .
"KAEC is a perfect complement to the Saudi Vision 2020, led by the pillars of economic diversification focused on manufacturing and exports, and creation of new jobs for Saudi nationals through the active involvement of the private sector. A full-fledged development featuring a sea port, homes, offices, hotels, industrial facilities and leisure destinations, KAEC will serve as a catalyst to attract foreign investment, global trade, commerce and industry to Saudi Arabia," said Mr Alabbar.
The first phase of KAEC has already been completed with residents and businesses moving in to the development. The loan will expedite the development of the second phase of the project. Located on the Red Sea coast, over a total area of 168 million sq m, KAEC has six zones - the Sea Port, Central Business District, Industrial Zone, Educational Zone, Resort District and Residential Communities. The project is closely connected with Saudi Arabia's ongoing initiative to expand the domestic economy
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer with a significant presence in key markets world-wide. Besides building residential and commercial properties, the company also has proven competencies in shopping malls & retail, hospitality & leisure and financial services sectors.
Emaar inaugurated Burj Khalifa, the world's tallest building, and has opened The Dubai Mall, the world's largest shopping and entertainment destination.
In Saudi Arabia, Emaar is developing King Abdullah Economic City, the region's largest private sector-led project in Saudi Arabia, featuring a Sea Port, Central Business District, Industrial Zone, Educational Zone, Residential Communities and Resort District.
Emaar has joined hands with Giorgio Armani to strengthen its presence in hospitality. For more information, visit www.emaar.com.
© Press Release 2011
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