Jeddah: Emaar, The Economic City “EEC”, the master-developer of the King Abdullah Economic City “KAEC”, announced the signing of a strategic agreement with Orascom Development Company and Alkholi Holding Company to develop a unique waterfront mix-use destination in KAEC.

This initiative aims to enhance the city's position as a family gateway to the western region with full connectivity to multiple destinations, including King Abdulaziz International Airport – Jeddah - at 35 minutes using Haramain Highspeed Railway.

As one of the most attractive destinations for tourism, entertainment, and business, King Abdullah Economic City offers investment projects in hospitality, lifestyle, entertainment, and residential sectors, enhancing the residents’ overall quality of life. Latest tourism projects currently under development in King Abdullah Economic City are the luxurious Vivienda resort, along with the 5-star Rixos resort featuring a waterpark, and ENVI Lodges ecological and environment friendly lodges.

Under this agreement, Orascom represented by Samih Sawiris will be the main investor to develop a world-class mix-use tourism city across a mega-parcel of 9.5 million square meters, leveraging on it’s experience in El Gouna (Egypt). Orascom's extensive development in King Abdullah Economic City will feature a world-class marina, a fully-fledged downtown along with resorts, high-end residential developments, retail & commercial development, a wide range of restaurants & F&B outlets, as well as other commercial spaces and social facilities.

On this occasion, the Chairman of the Board of Emaar, the Economic City (KAEC), Fahad Al Saif, expressed his delight about this venture, saying, "We are pleased with the strategic collaboration with Orascom Development and Alkholi Holding Company and we welcome them here in King Abdullah Economic City, distinguished by its world-class ready infrastructure and valuable offerings that have played a key role in attracting major investors and 3rd party developers like Orascom. Orascom's ambitious project aligns with our strategic vision to enhance the tourism and quality of life in King Abdullah Economic City by attracting key developers. This project is a key milestone in turning King Abdullah Economic City into a unique tourism destination, contributing to achieving Saudi Vision 2030 goals."

The Chairman of Orascom Development, Samih Sawiris, said: "We are pleased to be a strategic partner for King Abdullah Economic City in our first development and investment in the Kingdom of Saudi Arabia. Through this effective collaboration, we look forward to contributing to the aspirations of King Abdullah Economic City with this massive project that will be a qualitative addition to the thriving Saudi tourism sector.”

The Founder, Chairman and Managing Director of the Alkholi Holding Company expressed his delight to be a strategic partner for the establishment of this massive tourist destination in partnership with Orascom. Dr. AlKhouli stated “The city is distinguished by its strategic location on the shores of the Red Sea and possesses state-of-the-art infrastructure, making it one of the leading economic cities in the region”. AlKhouli enthusiastically welcomed his group's collaboration with Orascom in its first project in the Kingdom, contributing to the achievement of Saudi Vision 2030 goals.

The King Abdullah Economic City is an established and vibrant tourist and entertainment destination, hosting over 1.2 million visitors annually. The city boasts a comprehensive range of high-level facilities and services to accommodate various business operations, especially in the hospitality sector. This, coupled with its pristine Red Sea coastline spanning over 40 kilometers and diverse entertainment and tourism programs, makes King Abdullah Economic City an attractive destination for both local and international visitors.