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Tue 18 Feb 2014 05:43 PM

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Emaar inks deal to develop major Saudi communities

Dubai developer teams up with Abdul Latif Jameel to build integrated property projects in kingdom

Emaar inks deal to develop major Saudi communities
Mohamed Alabbar, chairman of Emaar.

Abdul Latif Jameel, a Saudi Arabian business group, and Emaar Properties on Tuesday said they have signed a memorandum of understanding to develop integrated property projects in Saudi Arabia.

The two companies will launch the projects under the partnership entity, Emaar Jameel, a statement said.

Mohammed Abdul Latif Jameel, president of Abdul Latif Jameel, and Mohamed Alabbar, chairman of Emaar, signed the MoU, it added.

The master-planned communities by Emaar Jameel will draw on the latest technologies and offer smart connectivity.

They will also feature landscaped central parks, grand mosques, educational institutions, healthcare centres, children’s play areas and community centres.

Envisaged as ‘work, live and leisure’ environments, the projects will be designed by international architects, drawing on design inspirations from the region.

Jameel said: “Today’s announcement demonstrates our commitment to build world-class real estate developments that meet the two key requirements of the kingdom – creating more jobs and meeting the demand for homes. Emaar will bring its proven competencies in developing integrated communities that support all-round economic growth.”

Alabbar added: “Emaar will leverage the experience of developing master-planned ‘Downtowns’ that have strong positive economic impact, including the creation of new jobs and supporting youth entrepreneurship. Our integrated community developments will meet the growing demand for high-end and affordable luxury homes in the Kingdom, in addition to driving the hospitality and retail sector growth and strengthening all-round infrastructure.”

Emaar Properties already has a presence in the kingdom through is business subsidiary Emaar Middle East, which is developing Jeddah Gate and Al Khobar Lakes. 

Emaar, The Economic City, listed on the Tadawul, is also developing King Abdullah Economic City, one of the region’s largest of its kind developments.

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