Dubai, May 14th, 2007 (WAM) - Emaar, The Economic City (Emaar.E.C),the Tadawul-listed company developing King Abdullah EconomicCity (KAEC), the single largest private sector-led developmentin the region, has contracted Saudi Oger Ltd to undertake theconstruction of residences at the mega project.

Dr Abdulraouf Al Mannaa, Managing Director, Emaar.E.C, signedthe SR494 million contract with Mr Ayman Hariri, from Saudi OgerLtd, to build four residential towers that feature 616 apartmentswith modern amenities and offering uninterrupted views of theRed Sea. The contract also covers the construction of roads,parking areas and landscaping.

"The construction schedules envisaged for KAEC are now takingoff and we have finalised most of the contracts that form thefirst phase of development," said Dr Mannaa. "Saudi Oger hasan accomplished track-record in executing world-class developmentsand the contract will add further momentum to the KAEC actionplan."Hariri said: "Saudi Oger has consistently played a key rolein the infrastructure development of Saudi Arabia. This contractwill help us to be part of the largest private sector developmentin the region, and share our world-class engineering and constructionpractices that suit the high standards expected of KAEC."KAEC sprawls over 168 million sq m and has six key components- the Sea Port, Industrial Zone, Central Business District (includingthe Financial District), Resort District, Educational Zone andResidential Communities.

The residential towers to be completed by Saudi Oger in 16 monthswill overlook a world-class harbour and a main canal lined witha pedestrian walk featuring restaurants and retail outlets. Allapartments within the four towers will offer views of the seaand the canal.

"We are committed to providing world-class homes at KAEC andSaudi Oger Ltd has proven expertise in undertaking projects thatdemand efficiency in terms of build quality and timely delivery,"added Dr Mannaa.

The residences will offer 24-hour security and maintenance, card-controlledaccess for vehicles, outdoor swimming pools, resort-style pooldeck and spacious lobbies. The homes will be fitted with homeappliances such as washing machine, electric oven, hotplate,dishwasher, in-built re-circulating kitchen exhaust fans andrefrigerator. All rooms will have double glazed windows for comfort,privacy and energy efficiency. The homes will also offer accessto a range of amenities including mosques, schools, promenades,health and fitness facilities and children's play area.

The KAEC Presentation Center and a 15 km access road have beencompleted earlier this year. Potential investors can have a feelof the model apartments at the Presentation Centre, and alsoregister their interest. KAEC offers easy access to the two HolyCities of Makkah and Madina and is also close to Jeddah.