Riyadh, Asharq Al-Awsat- Emaar Middle East (EME), a joint venture between UAE-based Emaar Properties and Saudi-based real estate company Al Oula Development, today announced the development Jeddah Hills – a SR 42 billion (US$11.2 billion) community located in the port city of Jeddah.
The development marks the second major foray into Saudi Arabia for Emaar Properties, with the massive 2,286 hectare Jeddah Hills project following the announcement of the SR 100 billion (U$26.6 billion) King Abdullah Economic City in December last year.
At a signing ceremony in Riyadh today, HRH Prince Mishal Bin AbdulAziz AlSaud joined Emaar Chairman Mohamed Ali Alabbar and Al Oula Chairman Suliman Al Muhaidib to explain the vision behind the landmark project.
Nearly 20,000 residential units – a combination of townhouses and single homes – will be on offer, alongside commercial and retail facilities. Homes range from 500 sq. m. to 1500 sq. m. and will offer larger, scenic, home lots not commonly available in Jeddah. Residential units will go on sale from the first quarter of 2007.
“Jeddah Hills is truly a unique project. It shows us how development can take place in a manner which is harmonious with nature and yet offers a luxurious luxury living environment. Set between 70 and 90 metres on a hilltop, Jeddah Hills offers spectacular views over the surrounding landscape towards the Red Sea, North Jeddah and the Mountains in the East,” said Mohamed Ali Alabbar.
He added: “Jeddah City offers a new option in Saudi Arabia and joins the first phase of our plans for expansion in the Kingdom. There is more to come from Emaar and plenty more for would-be owners and investors to look forward to. Emaar is determined to confirm its position as one of the leading real estate companies in the world while delivering top quality homes to our customers and unprecedented returns to our shareholders.”