Emaar in $7bn Saudi joint venture

by Dylan Bowman Saturday, 04 October 2008

Dubai developer Emaar Properties has signed a 27 billion-riyal ($7.19 billion) joint venture with Saudi Arabia's Al-Shoala Group to develop 3,100-hectare mixed-used project near Riyadh, the company said on Saturday.

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Emaar said the project, called Rawabi Rumah, will include luxury homes, commercial space, retail outlets, healthcare centres, educational institutions and community centres.
It said the project will also feature a date palm park and green belt of over 160 hectares - larger than Hyde Park in London.

The project will create over 25,000 jobs, Emaar said.

"Rawabi Rumah will be an integrated development offering all lifestyle amenities in one neighbourhood, and has the potential to create new job opportunities and support domestic industries," Emaar chairman Mohamed Ali Alabbar said in a statement.

Prince Meshal bin AbdulAziz Al Saud, owner of Al-Shoala, said Rawabi Rumah "will be a trend-setting development and a new lifestyle destination for the Saudi people".

Emaar said master-planning for Rawabi Rumah is in progress and several international designers are working on the project.

Emaar is also building King Abdullah Economic City (KAEC) on the Red Sea coast near Jeddah and the Jeddah Gate and Al Khobar Lakes residential communities.



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