Bin Laden bags $373mn tower project

MEGA PROJECT: An artist's impression of the King Abdullah Economic City.

Emaar Economic City has signed a 1.4 billion-Saudi riyal ($373.3 million) deal with Saudi Bin Laden Group for construction of 16 towers within its King Abdullah Economic City (KAEC) mega project, the developer said on Monday.

Emaar Economic City, an affiliate of Dubai-based Emaar Properties, is building the 168 million-square metre city north of Jeddah. The development is currently the largest private sector-led project in the region.

The new contract covers the design and construction of the 10-storey residential towers for the city’s Bay La Sun community which was launched in September. Property within the community is available to Saudis, GCC nationals and foreign investors.

The 10-storey luxury towers will offer 1,000 apartments and are scheduled for completion in September 2009, Emaar said in a statement.

KAEC has six components: a sea port, industrial zone, central business district, resort district, educational zone and residential communities. On completion the city will be home to two million residents.

Work is progressing according to schedule on the various zones, Emaar said.

The developer said last year it aimed to attract about $26 billion in investment for the development.

The project is forecast to create up to one million jobs in the various industries and service-oriented companies that will open in KAEC.

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