Emaar, The Economic City signs SR106 million contract with AlSaad

Emaar, The Economic City (Emaar.E.C), the Tadawul listed company developing King Abdullah Economic City (KAEC), has awarded a SR106 million contract to AlSaad General Construction to build the management and services buildings in phase one of the Industrial Zone of KAEC.

Saudi Arabia: Thursday, September 20 - 2007 at 07:39
PRESS RELEASE

Left to right: Dr Abdulraouf Mannaa, Managing Director, Emaar.E.C, and Mr Issam Kronfol, President and CEO, AlSaad General Construction signing the contract in Jeddah.

sponsored link

What is a sponsored TextLink?

related stories

Emaar, The Economic City RSS feed

» more Emaar, The Economic City news

Dr Abdulraouf Mannaa, Managing Director, Emaar.E.C, and Mr Issam Kronfol, President and CEO, AlSaad General Construction, recently signed the contract in Jeddah. As per the deal, AlSaad will construct the facilities for phase one of the Industrial Zone on a total built up area of 22,606 sq m.

The scope of work includes a three-floor administration building; two-floor Light Industry building; four-floor dormitory; mosque; electric sub-station; and external works such as landscaping, trenches, duct banks and other utilities. The office buildings will feature advanced IT infrastructure that will lend momentum to the development of the Industrial Zone.

'The contract with AlSaad is an important step in the construction of the Industrial Zone of KAEC, which has already opened to strong investor response,' said Dr Mannaa.

'The Industrial Zone will be one of the magnets for foreign investment, so providing state-of-the-art management offices and facilities is important to drive its growth. AlSaad is one of our key partners in the construction of KAEC and the deal further reiterates our commitment to work with Saudi companies in developing the project.'

Mr Kronfol added: 'As one of the landmark phases of KAEC, the Industrial Zone is of great significance and we are privileged to undertake the work for the construction of management buildings and facilities in phase one of the project. One of our focal areas is to implement advanced IT infrastructure for the buildings to enhance efficiency.'

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

The Industrial Zone spreads over 63 million sq with 4,400 net hectares of land dedicated to industrial units, plastic conversion industries and light manufacturing facilities. The Zone will host over 2,500 industrialists and manufacturers, with the premises constructed to the highest specifications. Facilities include homes for employees and their families, integrated housing and incubators and light industrial modules to encourage start-up local entrepreneurs.

Readers' recommendation
This press release is not rated by enough users

ADD ARTICLE TO
Facebook
del.icio.us
Digg

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. Approved for incorporation by the Ministry of Commerce and Industry vide Ministerial Resolution No. 609 dated May 13, 2006, 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 - sea port, industrial district, 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 Al Hamamy
ASDA'A Public Relations
Jeddah, Saudi Arabia
Tel: (+966 2) 6575194/ 195/ 196
Fax: (+966 2) 6575277

Nedal Alasaad / Kelly Home
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide
in Middle East & North Africa
Dubai, UAE
Tel: (+971 4) 334 4550; Fax: (+971 4) 334 4556

Posted by Anne-Birte Stensgaard, Senior News Editor
Thursday, September 20 - 2007 at 07:39 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.

Index : Company News : Emaar Properties : Emaar, The Economic City

Browse related articles

« Previous article Next article »

Today's most read articles: