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Mr Fahd Al-Rasheed, Board Member and Chief Executive Officer of Emaar.E.C, and Mr Timothy Gray, Chief Executive Officer, HSBC Saudi Arabia Ltd, signed the agreement in Jeddah, recently.
Emaar.E.C plans to offer multiple Build-Own and Operate (BOO) opportunities to private sector companies to undertake the infrastructure work in the coming months. HSBC Saudi Arabia Ltd will play a key role in establishing international guidelines in realising these contracts.
Mr Al-Rasheed said:
"KAEC has made rapid strides in on-schedule project execution with several key components taking shape. Emaar.E.C is committed to offering the highest standards in infrastructure support cost-effectively. HSBC's global expertise as project associate for leading developments makes the company an ideal financial advisor and partner for developing the utilities and infrastructure work of KAEC."
He added: "Mandating HSBC is an important step towards developing the essential infrastructure within KAEC. This is based on an internationally accepted model which maximizes interest from commercial partners and assures timely delivery in-line with our overall development schedule."
Mr Timothy Gray, CEO of HSBC Saudi Arabia Ltd., said:
"We are very pleased to be working with Emaar.E.C on this important and ground-breaking initiative to diversify the economic base in Saudi Arabia. This is further evidence of HSBC's capabilities in the investment banking sector and our continued commitment to the development of the Kingdom."
KAEC is the single largest private sector-led project in the region, spreading over 168 million sq m 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 first phase of KAEC.
Posted by Siba Sami Ammari
