Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has awarded a SR 199.09 million contract to Mubark Al Gethmi Contractors for constructing the concrete skeleton for four residential towers within Bay La Sun Village – the first and fully integrated residential community - in KAEC.
Mr Fahd Al-Rasheed, Board Member & Chief Executive Officer, Emaar.E.C, signed the contract with Mr Nabil Al Jamal, Chairman, Mubark Al Gethmi Contractors, in Jeddah, recently. The contract covers the structural work of the towers. The four residential towers, all 13 storeys each, will feature studios, one- to three-bedroom apartments and a group of two storey penthouses at the top of every tower in addition to car parking.
Mr Al-Rasheed said: “Bay La Sun Village has introduced a new lifestyle concept to the Kingdom, and as the first fully integrated residential community within KAEC, we are creating a world-class neighbourhood by employing best practices on engineering and construction. Mubark Al Gethmi Contractors have proven competencies in undertaking projects of international standards in design and construction.”
Mr Al Jamal added: “Al Gethmi Contractors is privileged to undertake the structural work for the four residential towers within Bay La Sun Village. We will leverage on our expertise in bringing the highest quality standards to the project.”
The towers have a total built-up area of 200,000 sq m with phase one scheduled for completion at the end of 2008 and phase two in early 2010. In all, the project will feature 532 apartments, parking space for 1,500 cars, and retail area of 9,000 sq metres. Offering spectacular views of the Red Sea, the towers will border open corridors lined by retail and leisure amenities.
KAEC is the single largest private sector-led project in the region 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 various zones.
About Emaar, The Economic City:
Emaar, The Economic City (Emaar.E.C), established in September 2006, 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. Thirty per cent of the equity, worth SR2.55 billion, was offered for public subscription.
Emaar.E.C leads the master-planning and development of the 168 million sq m 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 district, 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.
