The project, to be completed within seven months, covers the construction of a 13 km road from the KAEC main gate to the Bay La Sun Village residential community that was unveiled recently.
The road will enhance connectivity to the Bay La Sun Village, a fully-integrated residential community overlooking the Red Sea and featuring elegantly designed luxury apartments set amidst placid water canals. The community gained sell-out investor response for the first phase of villas.
Dr Abdulraouf Mannaa, Managing Director, Emaar.E.C, signed the contract with Engr. Omar Binladen, Chief Executive Officer, Saudi Binladen Group, in Jeddah, recently.
Dr Mannaa said: 'Emaar, The Economic City is committed to providing a strong infrastructure support for KAEC including the laying of an excellent road network. Saudi Binladen Group is one of the major contractors involved in the construction of KAEC, and this contract reiterates our operational philosophy of partnering with local and leading companies.'
Engr. Binladen added: 'KAEC is one of the largest private sector developments in the region, and undertaking contracts for the project is a privilege that provides us with the opportunity to showcase our world-class construction expertise. We have a track-record of accomplishing several prestigious projects in Saudi Arabia, and have especial expertise in undertaking infrastructure work, which we will employ at KAEC too.'
The long stretch of road that leads to the Red Sea will be supported by electricity and other ancillary services. The land bordering the road will be elegantly landscaped. The road will also connect the various amenities at Bay La Sun Village such as leisure and retail outlets, mosques, medical centres and community areas.
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 and both the industrial and residential areas have already opened for investors.
Emaar, The Economic City signs SR129m road work contract for KAEC with Saudi Binladen Group
Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has signed a construction contract worth SR129m with Saudi Binladen Group for executing road works.
- Saudi Arabia: Monday, October 01 - 2007 at 14:39
- PRESS RELEASE
Notes and media contacts
About Emaar the Economic CityEmaar 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
Nivine William / 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 Medilyn Manibo, Assistant News EditorMonday, October 01 - 2007 at 14:39 UAE local time (GMT+4)
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