Tuesday, October 14 - 2008

Emaar, The Economic City signs MoU with Siemens

Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has signed a Memorandum of Understanding (MoU) with Siemens for setting up a 110/380KV power generation grid within KAEC.



Left to right: Dr Abdulraouf Mannaa, Managing Director, Emaar.E.C, and Eng Kareem Al Amoudi, Vice President, Siemens, sign the MoU in Jeddah.
Left to right: Dr Abdulraouf Mannaa, Managing Director, Emaar.E.C, and Eng Kareem Al Amoudi, Vice President, Siemens, sign the MoU in Jeddah.

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Dr Abdulraouf Mannaa, Managing Director, Emaar.E.C, and Eng Kareem Al Amoudi, Vice President, Siemens AG, signed the MoU, which covers the first phase of the project and includes a comprehensive plan including future networking with the Saudi Electricity Company.

Dr Mannaa said:

'The MoU with Siemens signals our commitment to provide KAEC with the latest in technology. We wanted to partner with a company that has a long history and extensive expertise in the sector. Siemens has proven track record in establishing power generation grids and will establish a network of international standards for KAEC.'



Eng Al Amoudi added: 'KAEC is one of the pioneering projects in the Kingdom and sets new standards in project development, quality and use of technology. We are proud to be part of this huge project, especially in supporting KAEC to meet its energy needs.'

The MoU will develop the power grid for KAEC in two phases. The first part, to be completed by the end of 2008, includes three main power stations of 110 KV and its network. The second phase of work, scheduled to begin in September 2008 and complete in June 2010, includes four main power stations of 380 KV and its network. The power grid will serve the first phase of the Industrial Zone, Residential area, villas within the Resort, golf course and the Sea Port.

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 on the Industrial, Residential and Resort Zones. Potential investors can visit the Presentation Centre at KAEC for more details and registration.




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Notes and media contacts

About Emaar, The Economic City:
Emaar, The Economic City (Emaar.E.C) is a Saudi joint stock company managed by Emaar Properties PJSC, one of the world's largest property developers, and a number of high profile investors from Saudi Arabia. Emaar.E.C has a share capital of SR8.5 billion consisting of 850 million shares of nominal value SR10 each. Shares worth SR2.55 billion were offered for public subscription.

Emaar.E.C leads the master-planning and development of King Abdullah Economic City (KAEC), a project being built on a pristine location off the Red Sea in the north of Jeddah. SAGIA (Saudi Arabian General Investment Authority), the body responsible for inward investments into the Kingdom, is the prime facilitator for KAEC.

KAEC, a New Age City being built today for tomorrow's generation of Saudi citizens, has six components - the sea port, industrial zone, educational zone, central business district with commercial, mixed-use, retail outlets and financial island, resorts and residential area.

The mega-project works closely with the Kingdom's on-going drive to expand the economy, create employment opportunities for its youthful population and function as a catalyst to attract foreign investment, global trade, commerce and industry. Based on initial forecasts, the project and its several components will create up to one million employment opportunities in the various industries and service-oriented companies that will open in KAEC. It will also be home to 2 million residents.

For more information, please contact:
Bashar Kharbat / Saleh Hamamy
ASDA'A Public Relations
Jeddah, Saudi Arabia
Tel: (+966 2) 657 5194/ 195/ 196
Fax: (+966 2) 657 5277

Nedal Alasaad / Kelly Home
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in MENA
Dubai, UAE
Tel: (+971 4) 334 4550; Fax: (+971 4) 334 4556
Anne-Birte Stensgaard Posted by Anne-Birte Stensgaard, Senior News Editor
Sunday, July 29 - 2007 at 14:11 UAE local time (GMT+4)

Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.

This Article was updated on Wednesday, August 01 - 2007


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