Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
UAE
Print
Email
Discuss this article (0 Comments)Marina, yacht club deal signed for Saudi mega project
by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 16 September 2009
MARINA PLAN: Emaar EC has signed an agreement with Al-Ahlam Marine Tourism Group to build a marina and yacht club within the King Abdullah Economic City.
Emaar, The Economic City (Emaar EC), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has signed an agreement for a yacht club and marina within the mega project.
The deal will see Al-Ahlam Marine Tourism Group (AMTG) build, develop, and operate a 23,000 sq m yacht club and marina in the Bay la Sun Village, the first integrated residential community within the city
Fahd bin Abdul Mohsen Al Rasheed, CEO, Emaar EC, said: "Building the marina will help create various investment channels within KAEC. The marina will represent a unique destination for water sports and activities, and work on enriching the lifestyle of residents.”
Prince Abdullah bin Saud bin Mohammad Al Saud, president of Al-Ahlam Marine Tourism Group, added: "This significant investment is driven by our belief in KAEC as the up and coming resort destination in the kingdom.
"The marina facilities will accommodate vessels with lengths of 10 to 50 metres. The yacht club will provide multiple dining venues, outdoor areas, and facilities to support different businesses and the expected size of the Marina will be 23,000 sq m.
AMTG will undertake all the aspects of water sports such as fishing, sailing and water-skiing as well as the organisation of water sports contests in the marina. It will also offer parking for variety of boats and a large range of rentals.
KAEC, the largest private sector project in the region, has six key components: sea port, industrial zone, central business district, educational zone, resort zone and residential communities.
Emaar EC is leading the master-planning and development of the 168 million sq m project being built 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.
The city aims to create up to one million jobs and will be home to two million residents.
READERS' COMMENTS
Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.
MORE FROM ARABIANBUSINESS.COM
TOP IN MIDDLE EAST CONSTRUCTION & INDUSTRY
TOP MIDDLE EAST BUSINESS STORIES
ALSO IN MIDDLE EAST CONSTRUCTION & INDUSTRY
LATEST MIDDLE EAST BUSINESS NEWS
- Energy: Shell delays Qatargas4 project by a year
- Construction & Industry: Abyaar and Lacroix to build Dubai residential tower
- Travel & Hospitality: Gulf Air unveils strategy to save $2.65bn over five years
- Travel & Hospitality: Accor opening two new ibis hotels in region
- Banking & Finance: Abraaj Capital issue is fully subscribed
SHARE PRICE CHECK
RELATED STORIES
Emaar The Economic City
| 23 stories- Saudi Emaar cuts company losses by 65% in Q3
21 Oct '09 | News - Saudi Emaar in JV with Binladin to develop Red Sea port
7 Sep '09 | News
Mobile
