JEDDAH: Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), on Tuesday signed a contract with Al-Ahlam Marine Tourism Group (AMTG) for a yacht club and marina at KAEC.
Fahd bin Abdul Mohsen Al-Rasheed, Board member and CEO, Emaar.E.C, and Prince Abdullah bin Saud bin Mohammad Al-Saud, Board member of the Tourism Development Council in Jeddah and president of Al-Ahlam Marine Tourism Group, signed the initial contract.
As per the agreement, AMTG will build, develop and operate a 23,000-square-meter yacht club and marina in the Bay la Sun Village, the first integrated residential community within KAEC. The marina will accommodate a wide range of yachts. It will be developed & operated by AMTG for 20 years. Al-Rasheed said: "Building a marina is a major factor in creating various investment channels within KAEC; the marina will represent a unique destination for water sports practitioners in which it will add more value to the lives of residents and investors."
Prince Abdullah said: "This significant investment will further establish KAEC as the up and coming resort destination in the Kingdom and will be one of the major lifestyle components for the city. The marina facilities will accommodate vessels with lengths from 10 to 50 meters. The Yacht Club will provide multiple dining venues, outdoor areas, and facilities to support different businesses within the marina.
AMTG will undertake all aspects of water sports such as fishing, sailing and water-skiing as well as the organization of water sports contests in the marina. It will also offer parking for boats and a large range of rentals.
© Arab News 2009
