Al-Shoula, Emaar sign SR27bn deal

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Arab News

Published — Sunday 5 October 2008

Last Update 5 October 2008 3:00 am

JEDDAH: Prince Mishaal, chairman of Allegiance Commission and owner of Al-Shoula Group, has announced a SR27 billion joint venture project with Emaar Properties to develop Rawabi Rumah, a 31 million sq m master-planned community, near Riyadh. The prince signed the joint venture with Mohamed Ali Alabbar, chairman, Emaar Properties, in Jeddah recently.

Emaar, a global property developer, will share its core competencies in integrated mega-project development by creating a vibrant community featuring luxury homes and commercial space, retail outlets, health care centers, educational institutions and community centers. One of the highlights of Rawabi Rumah is a proposed date palm park and green belt that will sprawl over 400 acres (1.6 million sq m), more than the size of Hyde Park.

“Rawabi Rumah will be a path-breaking project for Saudi Arabia and reflects the vision of Custodian of the Two Holy Mosques King Abdullah to further strengthen the economy and enhance the welfare of the people,” the prince said.

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