Riyadh, Saudi Arabia, April 27, 2007: Emaar, The Economic City (Emaar.E.C), a Tadawul-listed company, is highlighting the rapid progress achieved on King Abdullah Economic City (KAEC), the company’s flagship project, at the 10th Real Estate Exhibition and Urban Development Exhibition in Riyadh to be held from April 29 to May 4 at Riyadh Exhibitions Company Limited Center.
KAEC, the single largest private sector-led project in the region, sprawls over 168 million sq m and has six key components that will propel the economy and create one million job opportunities. Emaar.E.C has completed more than 45 studies on KAEC for the design of buildings, facilities and infrastructure apart from environment and traffic impact research.
“The 10th Real Estate Exhibition and Urban Development Exhibition is an ideal showcase for us to highlight the advances made on KAEC, a master-development that will usher in a new era of economic prosperity for the Kingdom,” said Mr Nidal Jamjoom, Chief Executive Officer, Emaar.E.C. “As a key sponsor of the exhibition, we are reiterating the progress in urban development in the Kingdom and the creation of new cities to accelerate economic development outside the main metropolises.”
Saudi Arabian General Investment Authority (SAGIA), the apex body responsible for inward investments to the Kingdom is the prime facilitator of KAEC, a testimony to the support of the government to non-oil led growth projects. “Investor interest on the first phase of the Industrial Zone has been strong,” said Mr Jamjoom. “There has been enthusiastic investor response to the residences and retail components too.”
At its pavilion at the exhibition, Emaar E.C will showcase the six key components of the project including the Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities.
On-site, the Presentation Center and a 15 km access road have been completed earlier this year. Model apartments are being finished for potential investors to have a true-to-type feel of the residential amenities. Work is underway to build 1,040 apartments in the Red Sea Village, a Residential Community that will offer high standards for living and work. The Red Sea Village canal is nearing completion and tenders are being finalized for the Industrial Park infrastructure.
Moving forward on the project, Emaar.E.C has awarded Operation and Maintenance contracts for the Presentation Center, utilities yard and landscaping, as well as the contract for the construction of the main city gate. Design and co-ordination work for the 18-hole golf course that is part of the Resort District is currently being finalized.
KAEC is envisaged as a Smart City that integrates all its services through one call Center. “Tenders are now being issued for laying down the Information and Communications Technology network. Contracts and design for coast link roads and other utilities are also being finalized,” added Mr Jamjoom.
KAEC, located on the Red Sea coast, offers easy access to the two Holy Cities of Makkah and Madina and is also near to Jeddah.
