Emaar.E.C is key sponsor of the event
Construction work of KAEC on schedule
Riyadh, Saudi Arabia - Emaar, The Economic City (Emaar.E.C), a Tadawul-listed company, is highlighting the rapid progress achieved on King Abdullah Economic City (KAEC), the company's flagship project, at the 10th Real Estate Exhibition and Urban Development Exhibition in Riyadh to be held from April 29 to May 4 at Riyadh Exhibitions Company Limited Centre.
KAEC, the single largest private sector-led project in the region, sprawls over 168 million sq m and has six key components that will propel the economy and create one million job opportunities. Emaar.E.C has completed more than 45 studies on KAEC for the design of buildings, facilities and infrastructure apart from environment and traffic impact research.
"The 10th Real Estate Exhibition and Urban Development Exhibition is an ideal showcase for us to highlight the advances made on KAEC, a master-development that will usher in a new era of economic prosperity for the Kingdom," said Mr Nidal Jamjoom, Chief Executive Officer, Emaar.E.C. "As a key sponsor of the exhibition, we are reiterating the progress in urban development in the Kingdom and the creation of new cities to accelerate economic development outside the main metropolises."
Saudi Arabian General Investment Authority (SAGIA), the apex body responsible for inward investments to the Kingdom is the prime facilitator of KAEC, a testimony to the support of the government to non-oil led growth projects. "Investor interest on the first phase of the Industrial Zone has been strong," said Mr Jamjoom. "There has been enthusiastic investor response to the residences and retail components too."
At its pavilion at the exhibition, Emaar E.C will showcase the six key components of the project including the Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities.
On-site, the Presentation Center and a 15 km access road have been completed earlier this year. Model apartments are being finished for potential investors to have a true-to-type feel of the residential amenities. Work is underway to build 1,040 apartments in the Red Sea Village, a Residential Community that will offer high standards for living and work. The Red Sea Village canal is nearing completion and tenders are being finalized for the Industrial Park infrastructure.
Moving forward on the project, Emaar.E.C has awarded Operation and Maintenance contracts for the Presentation Centre, utilities yard and landscaping, as well as the contract for the construction of the main city gate. Design and co-ordination work for the 18-hole golf course that is part of the Resort District is currently being finalized.
KAEC is envisaged as a Smart City that integrates all its services through one call centre. "Tenders are now being issued for laying down the Information and Communications Technology network. Contracts and design for coast link roads and other utilities are also being finalized," added Mr Jamjoom.
KAEC, located on the Red Sea coast, offers easy access to the two Holy Cities of Makkah and Madina and is also near to Jeddah.
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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. 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 - the sea port, industrial zone, 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) 657 5194/ 195/ 196
Fax: (+966 2) 657 5277
E-mail: b.kharbat@asdaa.com
Nedal Alasaad / Kelly Home
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in MENA
Dubai, UAE
Tel: (+971 4) 334 4550
Fax: (+971 4) 334 4556
Email: n.alasaad@asdaa.com, k.home@asdaa.com
© Press Release 2007
