JEDDAH, 10 May 2006 — Dubai-based Emaar Properties unveiled yesterday a joint venture with two Saudi developers to build an SR42 billion ($11.2 billion) luxury housing project in Jeddah, the Kingdom’s second largest city.
It is the second big Saudi venture for Emaar, the world’s largest property company by capital and over $40 billion worth of projects, after it joined in December a consortium led by the Saudi Binladin construction company to build the King Abdullah Economic City in Rabigh at a cost of SR100 billion ($26.6 billion).
The latest project, Jeddah Hills, will be a partnership with Al-Shoala Group and Al-Oula Development and consist of 20,000 residential units built on an area of about 2,286 hectares (6,835 acres), Emaar Chairman Mohammed Alabbar told a press conference in Riyadh.
Prince Mishaal, chairman of Al-Shoala, signed an agreement with Emaar, along with Al-Oula to carry out the Jeddah project. Speaking to reporters after signing the accord, he highlighted the Kingdom’s economic progress under the leadership of Custodian of the Two Holy Mosques King Abdullah.
During a recent interview to Arab News, Alabbar said the mega project of the King Abdullah Economic City will closely integrate itself into the Kingdom’s ongoing drive to expand the economy, create employment opportunities for Saudis and function as a catalyst to attract foreign investment, global trade, commerce and industry.
Alabbar promised more investments in Saudi Arabia.
“There is more to come from Emaar and plenty more for would-be owners and investors to look forward to,” he said.
“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.”
— Additional input from agencies