Jeddah - Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has awarded the team that led the successful launch of the Bay La Sun Village at the annual Iftar event. Bay La Sun Village, the first integrated residential community within KAEC, was launched last month, and opened to sell-out investor response.
Dr Abdulraouf Mannaa, Managing Director, Emaar.E.C, said: "The success of Bay La Sun Village is also due to the high level of commitment and devotion shown by our team of professionals comprising 14 different nationalities. The multinational team has a majority of enterprising Saudi nationals, 76% of total number of employees, who understand the importance that KAEC will play in the socio-economic development of the Kingdom."
He added: "We are thankful to the investors for their sell-out response, which indicates the trust they have placed in us. This, in turn, makes us committed to delivering a quality end-product through team work and dedication."
The Bay La Sun community includes residential towers, schools, a central shopping centre, mosques, banks, gas stations, clinics and office buildings. Emaar.E.C has engaged a team of internationally renowned architects and consultants to design Bay La Sun with the brief to maximise sea views for all residents.
The apartments will blend the elegance of traditional architecture with the convenience of modern fittings and finishes. All homes will feature advanced telecom systems and will be environmentally friendly to encourage energy saving. Residents can also customise their needs through an array of smart home technologies. Bay La Sun Village will also have several wide and elegant sidewalks and safe beaches for residents to enjoy a healthy lifestyle.
The first residential units will be handed over by end of 2008. Potential investors can visit the Sales Centre inside KAEC and the Sales Centre in Riyadh on King Fahad Road, call the toll free number 8001180010 or visit www.baylasun.com for more details on the project. The website also includes a virtual tour of the different choices of apartments at Bay La Sun Village.
KAEC has six key components: the Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities. Work is progressing according to schedule on the various zones. The first phase of the Industrial Zone had earlier been launched to strong investor response.
- Ends -
About Emaar, The Economic City:
Emaar, The Economic City (Emaar.E.C) is a Saudi joint stock company managed by Emaar Properties PJSC, one of the world's largest property developers, and a number of high profile investors from Saudi Arabia. Approved for incorporation by the Ministry of Commerce and Industry vide Ministerial Resolution No. 609 dated May 13, 2006, Emaar.E.C has a share capital of SR8.5 billion consisting of 850 million shares of nominal value SR10 each. Shares worth SR2.55 billion were offered for public subscription.
Emaar.E.C leads the master-planning and development of King Abdullah Economic City (KAEC), a project being built on a pristine location off the Red Sea in the north of Jeddah. SAGIA (Saudi Arabian General Investment Authority), the body responsible for inward investments into the Kingdom, is the prime facilitator for KAEC.
KAEC, a New Age City being built today for tomorrow's generation of Saudi citizens, has six components - sea port, industrial district, educational zone, central business district with commercial, mixed-use, retail outlets and financial island, resorts and residential area.
The mega-project works closely with the Kingdom's on-going drive to expand the economy, create employment opportunities for its youthful population and function as a catalyst to attract foreign investment, global trade, commerce and industry. Based on initial forecasts, the project and its several components will create up to one million employment opportunities in the various industries and service-oriented companies that will open in KAEC. It will also be home to 2 million residents.
For more information, please contact:
Bashar Kharbat
ASDA'A Public Relations
Jeddah
Saudi Arabia
Tel: (+966 2) 6575194/ 195/ 196
Fax: (+966 2) 6575277
E-mail: b.kharbat@asdaa.com
Saleh Al Hamamy
ASDA'A Public Relations
Jeddah
Saudi Arabia
Tel: (+966 2) 6575194/ 195/ 196
Fax: (+966 2) 6575277
E-mail: s.hamamy@asdaa.com
© Press Release 2007
