Jeddah, KSA, January 26, 2006: Emaar Properties, the world’s number one property developer in terms of market capitalisation, along with its flagship Saudi Arabia project, King Abdullah Economic City, today announced its status as partner sponsor for the Jeddah Economic Forum to be held from 11 to 13 February at the Jeddah Hilton Hotel.
Chairman of Emaar Properties, Mr Mohamed Ali Alabbar and Jeddah Economic Forum Chairman Mr Amr Enany recently signed the agreement. Along with its Saudi partners, Emaar’s sponsorship of the high profile Forum will commence at this year’s Forum and continue for the 2007 forum.
Commenting on the importance of the Saudi Arabia market for Emaar, Mr Mohamed Ali Alabbar said: “This is a critical time for the Kingdom. The country is in its economic prime. Not only did Saudi Arabia become part of the World Trade Organisation last year, but the country saw a GDP rise of 7 per cent and a 50 per cent surge in oil exports.
“As the largest economy in the Middle East, Saudi Arabia has unlimited potential for growth and the recent announcement of Emaar led project - King Abdullah Economic City - will to contribute to this growth. The City will be showcased at the Forum this year,” he added.
“We welcome the participation of Emaar and its latest development King Abdullah Economic City to the Forum,” said Mr Enany. “The Jeddah Economic Forum aims to focus on sustainable growth and economic development in the Kingdom as well as examine prospects for the regional and global economy. To have a recognized property developer such as Emaar joining us as a Forum Partner is a testament to what the Forum offers.”
Emaar’s largest international development – King Abdullah Economic City - is a mixed use development covering 55 million square metres. As the single largest private sector investment in the Kingdom of US$26.6 billion, the City will create six distinct components - a modern world-class Seaport, Industrial District, Financial Island, Education Zone, Resorts and The Residential Area and up to 500,000 employment opportunities.
“The Jeddah Economic Forum is an ideal platform to reinforce our presence in the Kingdom and we look forward to a continued relationship with the Forum as the King Abdullah Economic City prospers,” Alabbar concluded.
