Emaar signs KSA 'mega project' deal

(L-R) Emaar.E.C. Managing Director signs a SAR 494 million ($131.7m) contract with Ayman Hariri of Saudi Oger Ltd.

Emaar, The Economic City (Emaar E.C.), the developer behind the King Abdullah Economic City (KAEC) in Saudi Arabia, has signed a SAR 494 million ($131.7 million) contract with Saudi Oger Ltd to build residences at the mega project.

The four residential towers for the largest private sector-led development in the region are set to be completed in 16 months.

"The construction schedules envisaged for KAEC are now taking off and we have finalised most of the contracts that form the first phase of development," said Dr. Abdulraouf Al Mannaa, managing director at Emaar E.C.

The contract also covers the construction of roads, parking areas and landscaping.

KAEC - located off the Red Sea in the north of Jeddah - extends over 168 million square metres to be home to two million residences.

It comprises a sea port, industrial zone, central business district, resort district, educational zone and residential areas.

The project aims to expand the kingdom's economy, develop employment opportunities, and bring in foreign investment and global trade.

Print | Email | Discuss this article |

READERS' COMMENTS

View all comments (0)

Have your say

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM