Jeddah, Asharq Al-Awsat- Emaar, The Economic City , the Tadawul-listed company developing King Abdullah Economic City (KAEC), has contracted Saudi Oger Ltd to undertake the construction of residences at the mega project.
Dr Abdulraouf Al Mannaa, Managing Director, Emaar.E.C, signed the SR494 million contract with Mr Ayman Hariri, from Saudi Oger Ltd, to build four residential towers that feature 616 apartments with modern amenities and offering uninterrupted views of the Red Sea. The contract also covers the construction of roads, parking areas and landscaping.
“The construction schedules envisaged for KAEC are now taking off and we have finalised most of the contracts that form the first phase of development,” said Dr Mannaa. “Saudi Oger has an accomplished track-record in executing world-class developments and the contract will add further momentum to the KAEC action plan.”
Mr Hariri said: “Saudi Oger has consistently played a key role in the infrastructure development of Saudi Arabia. This contract will help us to be part of the largest private sector development in the region, and share our world-class engineering and construction practices that suit the high standards expected of KAEC.”
KAEC sprawls over 168 million sq m and has six key components – the Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities.
The residential towers to be completed by Saudi Oger in 16 months will overlook a world-class harbour and a main canal lined with a pedestrian walk featuring restaurants and retail outlets. All apartments within the four towers will offer views of the sea and the canal.
“We are committed to providing world-class homes at KAEC and Saudi Oger Ltd has proven expertise in undertaking projects that demand efficiency in terms of build quality and timely delivery,” added Dr Mannaa.