The Board of Directors of Emaar, The Economic City (Emaar.E.C) has appointed Dr Abdulraouf M. Mannaa as Managing Director of the company effective from April 1, 2007.
Dr Mannaa, an engineer with several years of managerial experience in Saudi Arabia, previously served as the Managing Director of Savola Group, one of the Kingdom’s leading industrial companies with a strong regional presence.
“Dr Abdulraouf Mannaa brings to Emaar.E.C a wealth of expertise in business development, corporate services, training and marketing. He will lead the company’s operations in streamlining the development of King Abdullah Economic City (KAEC), our flagship project in the Kingdom,” said Mr Mohamed Ali Alabbar, Chairman, Emaar.E.C.
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 – 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.
