Emaar Middle East has unveiled the first phase of the SR6 billion (US$1.6 billion, AED 5.9 billion) Jeddah Gate, a mixed-use master-planned community spanning over half a million sq m in Jeddah’s new downtown area. The development will feature residential units, commercial towers and a range of cultural, retail and leisure outlets.
Jeddah Gate, located in the heart of the city, is positioned on two sites; the first is spread over 413,000 sq m and is located along King Abdullah Street and the second is spread over 140,000 sq m along Abdullah Al Suleiman Street in close proximity to the main railroad linking the Holy Cities of Makkah and Madina to Jeddah. The project will comprise 6,000 residential units, 230,000 sq m of commercial space and 75,000 sq m of gross leaseable area for retailers.
“With Jeddah Gate, Emaar is bringing to Saudi Arabia its core competency of developing master-planned communities that deliver a new way of living,” said Issam Galadari, Managing Director, Emaar International - Middle East and North Africa. “Jeddah Gate will be a self-sustaining lifestyle community with elegant homes, convenient office space, retail outlets and amenities such as schools, mosques and cultural centers.”
Alaa Abdullah Saed, Chief Executive Officer, Emaar Middle East, said: “Jeddah Gate forms a key component of Jeddah’s new downtown area, which has been designed by the global architectural firm HOK and will spread over 12 million sq m. As one of Saudi Arabia’s top development projects to create a Central Business District in Jeddah, Emaar’s project is built to become the new centre of the city and drive inward investments to the Kingdom.”
Jeddah Gate will feature amenities such as walkways, parks, swimming pools, fitness centres, children’s play areas, day care centres and recreational areas. A wide boulevard housing high-end retail outlets and restaurants is also included in the development plan. Residents can look forward to hi-speed Internet and telecom connectivity, advanced security systems, and 24-hour maintenance support.
“Jeddah Gate is a highly aspirational project that addresses the requirements of the modern Saudis,” added Mr Galadari. “The project’s overall architectural philosophy will conform to Arabesque traditions while blending most-modern facilities to ensure a unique, relaxed lifestyle.”
Besides Jeddah Gate in Saudi Arabia, Emaar is currently spearheading the development of King Abdullah Economic City - the largest private sector-led development in the region – through Emaar, The Economic City. The Kingdom plays a key role in the company’s development strategy of geographic expansion and business segmentation in line with its Vision 2010 to become one of the most valuable companies in the world.
Emaar has a significant presence in 36 markets already and has diversified into education, healthcare, hospitality & leisure, malls and finance.
About Emaar Properties PJSC:
Emaar Properties PJSC is one of the world’s largest real estate companies and is rapidly evolving to become a global provider of premier lifestyles. Powered by its Vision 2010 to become one of the most valuable companies in the world, Emaar is charting a new course of growth with a two-pronged strategy of geographical expansion and business segmentation.
Emaar has highlighted its remarkable global growth by debuting on the Financial Times Global 500 ranking, which provides an annual snapshot of the world’s largest companies. Emaar has been assigned A- and A3 ratings with stable outlook by Standard & Poor’s and Moody’s Investor Services, respectively.
Replicating its successful business model in Dubai, Emaar is extending its expertise in creating master-planned communities to international markets. Emaar is also developing new competencies in malls, hospitality & leisure, education, healthcare and finance, which have evolved from its integrated approach to customer service and property development.
Listed on the Dubai Financial Market, part of the Dow Jones Arabia Titans Index and certified to ISO9001:2000 for quality standards, Emaar is developing Burj Dubai, the world’s tallest building and free-standing structure, and The Dubai Mall, one of the world’s largest shopping and entertainment destinations. In Saudi Arabia, Emaar is developing the US$ 26.6 billion King Abdullah Economic City, the region’s largest private sector-led project. Emaar’s portfolio currently covers the following countries: the UAE, Saudi Arabia, Jordan, Syria, Lebanon, Morocco, Egypt, Turkey, Libya, Algeria, India, Pakistan, Indonesia, the US, the UK, France and Canada.
An award-winning developer, Emaar has strengthened its product sale competencies, market reach and best practices through strategic acquisitions and joint ventures. Emaar acquired John Laing Homes, America’s second largest privately held home builder; Hamptons International, UK’s premier realtor; and formed a joint venture with US-based Turner International to strengthen execution capabilities.
Emaar has joined hands with Giorgio Armani and Accor Hotels to strengthen its presence in hospitality, and will launch ten luxury Armani Hotels & Resorts world-wide and 100 Formule 1 budget hotels in India. The company is opening educational institutions and healthcare centres in South Asia, Middle East and North Africa and the Subcontinent. Emaar acquired Singapore-based leading education provider, Raffles Campus, to extend expertise to its educational institutions.
Emaar holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking. Emaar is also the largest shareholder in Amlak Finance, UAE's leading Islamic home financing company. For more information, visit www.emaar.com.
