Exclusive commercial space within Bay La Sun Village
Jeddah, Saudi Arabia - Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has awarded Freyssinet Saudi Arabia the contract for design and construction of the first phase of the Business Park within Bay La Sun Village - an integrated residential community - in KAEC.
As part of the SR348 million contract, Freyssinet Saudi Arabia will design and construct the first phase featuring two office buildings and a two-storey basement parking. One building will be for the exclusive use of the Saudi Arabian General Investment Authority (SAGIA), the prime facilitator of KAEC; and the other will be partially occupied by Emaar.E.C.
The five-building Business Park covers a total area of 258,000 sq m and will have the entire range of amenities including hi-speed Internet and telecom connectivity, and quality finishes. A day care centre, retail outlets and restaurants will be part of the modern complex.
Fahd Al-Rasheed, CEO, Emaar.E.C, said: "The Business Park will be a unique component of King Abdullah Economic City. Featuring the highest quality design and employing advanced construction practices, it will be a magnet for business investors, who can also benefit from the lifestyle amenities offered at Bay La Sun Village."
Amjad Demashkieh, Managing Director of Freyssinet said: "Freyssinet Saudi Arabia has proven expertise in delivering world-class projects, and will bring in international standards of infrastructure and build quality to the Business Park and thus enhance investor interest in the project."
KAEC is the single largest private sector-led project in the region and 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.
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About Emaar, The Economic City:
Emaar, The Economic City (Emaar.E.C), established in September 2006, 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. Thirty per cent of the equity, worth SR2.55 billion, was offered for public subscription.
Emaar.E.C leads the master-planning and development of the 168 million sq m 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
E-mail: b.kharbat@asdaa.com
Saleh Al Hamamy
ASDA'A Public Relations
Jeddah, Saudi Arabia
Tel: (+966 2) 6575194/ 195/ 196
E-mail: s.hamamy@asdaa.com
Nivine William
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in MENA
Dubai, UAE
Tel: (+971 4) 334 4550
Email: n.william@asdaa.com
Kelly Home
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in MENA
Dubai, UAE
Tel: (+971 4) 334 4550
Email: k.home@asdaa.com
© Press Release 2008
