Emaar, The Economic City celebrates SR1bn sales from residential units in KAEC

The robust performance was backed by the launch of several new projects worth SR130bn by the Custodian of the Two Holy Mosques King Abdullah bin AbdulAziz AlSaud during his visit to KAEC in June.

Emaar.E.C held a celebratory event to mark the landmark performance of the company attended by all staff members of the company. At the event, all the highlights of the first-half of 2008 were showcased to give attendees a detailed scope of the achievements. A film on the visit of King Abdullah and the progress made on the project was showed to the audience, and several companies partnering with Emaar.E.C on the mega-project were honoured.

Mr Fahd Al-Rasheed, Chief Executive Officer and Board Member, Emaar.E.C, said:

'The achievements of the company in meeting the founding objectives of KAEC reiterate the mega-project's important role in further enhancing the socio-economic prosperity of the Kingdom. It also puts the spotlight on SAGIA's Vision 10x10 to make the Kingdom one of the top 10 competitive nations in the world. The overwhelming sales response highlights the trust of our stakeholders and that of the general public in the project.'

He added: 'We thank the Custodian of the Two Holy Mosques King Abdullah bin AbdulAziz AlSaud for his patronage to the project and to SAGIA for their continued support. This has helped us to position KAEC as a truly international project that will be a landmark in mega-project development for not just Saudi Arabia but also for the entire region. We also thank our stakeholders - the various partnering companies, contractors and our customers - for their continued trust in us.'

At the ceremony Mr Joseph Kilar, Chief Operating Officer, Emaar.E.C, gave an updated presentation on the various projects that will be completed by end 2008. He reinforced the importance of working together as a team and keeping up with the schedule as per international standards and quality practices. He added that these elements were crucial to the success of the achievements of the company during the first half of the year, and said that efforts will be doubled to complete KAEC as per the time-frame.

Mr Imad Hashem, Senior Director of Communications & External Relations, Emaar.E.C, said: 'Emaar.E.C is currently looking to further enhance our team with new members. This underscores our commitment to create promising job opportunities in the Kingdom. This year, we have already recruited 65 key personnel from 16 nationalities. Saudi Arabian nationals, today, form 64 per cent of our employee team. We also plan to launch several corporate social responsibility initiatives and an Investor Relations programme shortly.'

Emaar.E.C had launched the first phase of KAEC including the Industrial Zone, Sea Port and Residential Communities to overwhelming investor response. The launch of Bay La Sun Village, the first integrated residential community, and Esmeralda Suburb, a town house and golf community, had earned international investor response with strong sales at a roadshow in Dubai too.

KAEC also added on key investment vehicles and growth engines such as the Plastics Valley in the Industrial Zone, and flagged off several Knowledge Industry projects such as infrastructure work on the Smart City. Significant additions to KAEC in the first-half include the Healthcare City, Media City, Science Research Complex, Environment Protection Centre, Cadre Technical City for human resources development, Thunderbird Middle East University and Colombia University. Emaar.E.C also strengthened the Resort Zone with projects such as the Ritz-Carlton Hotel & Resort and convention centre, Bay La Sun Hotel & Mall and the Holiday Inn Express Hotel.

A 168 million sq m project, KAEC is located on the Red Sea coast, and has six key components: The Sea Port, Central Business District, Industrial Zone, Educational Zone, Resort District and Residential Communities. SAGIA is the prime facilitator of the project, which is currently being undertaken on an accelerated construction schedule with the first homes in Bay La Sun Village to be delivered by end-2008.