Emaar, The Economic City wins ‘Best Industrial Development’ award
• Honour at first Arabian Property Middle East Awards 2008
• Emaar Properties wins ‘International Achievement’ Award
• Inaugural event honours Middle East property sector’s most innovative projects
Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC) won the Best Industrial Development award at the inaugural Arabian Property Middle East Awards 2008. The award recognises the contribution of Emaar.E.C in developing a strong industrial infrastructure project that promotes inward investments to Saudi Arabia.
Eng Imad Hashem, Senior Director – Communication and External Relations, Emaar.E.C, received the award from Mr Karam Awad, Deputy Managing Director, ITP Digital Publishing and ITP Executive Publishing, the Dubai-based media company that instituted the awards.
Emaar Properties PJSC, a key shareholder of Emaar.E.C, won the ‘International Achievement’ Award for the company’s geographic expansion and business segmentation, and its established presence in 36 active markets globally.
Eng Hashem said: “Emaar.E.C is honoured to win the inaugural Arabian Property Middle East Award for Industrial Development, which underscores our focus on building a socio-economic growth engine through our flagship project – King Abdullah Economic City. The mega-project has the Saudi Arabian General Investment Authority as its prime facilitator and complements SAGIA’s Vision 10 x 10 to make Saudi Arabia one of the top ten competitive nations by 2010.”
He added: “A full-fledged Industrial Zone is one of the six zones within KAEC, which has already gained strong international investor response. Since its launch last year, more than 800,000 sq m of the Industrial Zone has been leased out and over SR32 billion is expected as international investments.”
Covering over 63 million sq m, the Industrial Zone recently added on a dedicated Plastics Valley, which was unveiled by The Custodian of the Two Holy Mosques King Abdullah bin AbdulAziz AlSaud during his tour of KAEC. Designed solely with the needs of manufacturers in mind, the Zone is expected to host over 2,500 industrialists. It also benefits from the neighbouring Sea Port – which is currently being developed in partnership with Dubai World.
Spread over 168 million sq m on the Red Sea Coast, KAEC also features a Central Business District, Educational Zone, Resort District and Residential Communities. The first phase of KAEC comprising the Sea Port, Industrial Zone and Residential Communities was launched to overwhelming investor response. Work is progressing on accelerated schedule with the first homes and industrial land to be handed over early next year.
