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Mon 14 May 2007 02:32 PM

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Emaar signs KSA 'mega project' deal

A $131.7m deal will see four residential towers at King Abdullah Economic City erected in 16 months.

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.

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