Jeddah, Saudi Arabia, May 16, 2007: The first Annual General Meeting (AGM) of Emaar, The Economic City (Emaar.E.C) endorsed the progress achieved on the development of King Abdullah Economic City (KAEC), the single largest private-sector led project in the region.
The shareholders of the Tadawul-listed company also approved Emaar.E.C’s Financial Report for its first three months of operation ended December 31, 2006 as well as the Auditor’s Report. The AGM approved the appointment of the auditors for the fiscal year 2007 and absolved the Board of Directors and Auditors from any liability for the fiscal year.
“As a landmark project inspired by the vision of the Custodian of the Two Holy Mosques King Abdullah bin AbdulAziz AlSaud, King Abdullah Economic City reflects the growth aspirations of the people of Saudi Arabia, and we thank our shareholders for their trust in us to drive this project forward,” said Mr Mohamed Ali Alabbar, Chairman, Emaar.E.C. “KAEC has made considerable progress in laying out the necessary infrastructure and the development of its various components.”
Spread over 168 million sq m on the Red Sea coast, KAEC is all set to energise the Saudi economy through its six components: the Sea Port, Industrial Zone, Central Business District encompassing the Financial Island, Resort District, Educational Zone and Residential Communities.
“Emaar.E.C has put in place the core management team, and systems and process to streamline the development of KAEC. We have now awarded several key contracts for moving forward the project on schedule,” said Dr Abdulraouf Al Mannaa, Managing Director, Emaar.E.C. “Committed to actualizing a world-class project, we have chosen accomplished contractors with proven expertise in delivering international quality of build.”
KAEC is poised to usher in a new era of economic prosperity for the Kingdom and has the potential to create one million jobs. Saudi Arabian General Investment Authority (SAGIA), the apex body responsible for inward investments, is the prime facilitator of KAEC.
Construction of the Residential Communities has started. The KAEC Presentation Center and a 15 km access road have already been completed. Potential investors can have a feel of the model apartments at the Presentation Centre, and also register their interest.
