Emaar.E.C and Freyssinet Saudi Arabia sign SR348 million contract for first phase of commercial space in King Abdullah Economic City

Jeddah, Saudi Arabia; February 5, 2008: Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has awarded Freyssinet Saudi Arabia the contract for design and construction of the first phase of the Business Park within Bay La Sun Village – an integrated residential community - in KAEC.

As part of the SR348 million contract, Freyssinet Saudi Arabia will design and construct the first phase featuring two office buildings and a two-storey basement parking. One building will be for the exclusive use of the Saudi Arabian General Investment Authority (SAGIA), the prime facilitator of KAEC; and the other will be partially occupied by Emaar.E.C.

The five-building Business Park covers a total area of 258,000 sq m and will have the entire range of amenities including hi-speed Internet and telecom connectivity, and quality finishes. A day care centre, retail outlets and restaurants will be part of the modern complex.

Fahd Al-Rasheed, CEO, Emaar.E.C, said: “The Business Park will be a unique component of King Abdullah Economic City. Featuring the highest quality design and employing advanced construction practices, it will be a magnet for business investors, who can also benefit from the lifestyle amenities offered at Bay La Sun Village.”

Amjad Demashkieh, Managing Director of Freyssinet said: “Freyssinet Saudi Arabia has proven expertise in delivering world-class projects, and will bring in international standards of infrastructure and build quality to the Business Park and thus enhance investor interest in the project.”

KAEC is the single largest private sector-led project in the region and has six key components: the Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities. Work is progressing according to schedule on the various zones.