RABIGH, 11 September 2007 — Emaar, the Economic City’s (Emaar.E.C.’s) first residential community, Bay La Sun Village, which was launched at the King Abdullah Economic City (KAEC) yesterday, received an overwhelming investor response and sold all houses in the first phase of planned residential areas. The whole lot of apartments released for sale was sold out, signaling investor confidence in KAEC, the single largest private sector-led development in the region.

While addressing a press conference at the KAEC Sales Center here yesterday, Nidal Jamjoom, executive director for commercial development, Emaar.E.C., said Bay La Sun Village is the first complete residential community within KAEC. He briefed the media and presented the benefits that Bay La Sun offers to its residents. “Bay La Sun Village will appeal to those who prefer the luxury of living by the Red Sea in close proximity to a range of amenities,” Jamjoom said.

He added: “The village will include residential towers, schools, a central shopping center, mosques, banks and gas stations, clinics and office buildings. The name Bay La Sun is derived from the name of a tree that is regarded as a source of inspiration for many Islamic and Western scholars.”

Because of the huge response, Dr. Abdulraouf Mannaa, managing director, Emaar.E.C., said the launch of new residential units has been brought forward to meet customer demand. “The overwhelming response from customers to Bay La Sun Village at KAEC is an indication of the investor trust in Emaar.E.C.’s flagship project,” said Mannaa. He added: “As an integrated, mixed-use project that will power the economy of Saudi Arabia, KAEC offers strong investment potential — a fact highlighted by the investor response to our first residential community.”

Jamjoom said “Emaar.E.C. has engaged a team of internationally renowned architects and consultants to design Bay La Sun Village with the brief to maximize sea views for all residents. The apartments will blend the elegance of traditional architecture with the convenience of modern fittings and finishes. All homes will feature advanced telecom systems and will be environmentally friendly to encourage energy saving. Residents can also customize their needs through an array of smart home technologies. Bay La Sun Village will also have several wide and elegant sidewalks and safe beaches for residents to enjoy a healthy lifestyle.”

Jamjoom said: “The first residential units will be handed over by the end of 2008.”

KAEC has six key components: the Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities.

Apartment options at KAEC amount to some 51 million square meters of built-up area, in over 150,000 units. The bulk of this is allocated to 108,000 apartments in low-rise buildings. A further 56,000 units, are available in mid- and high-rise structures in the more central areas of the city. The most exclusive apartments, however, are those found in the towers of the Central Business District and Financial Island. The 5,000 apartments in this exclusive category provide a total built-up area of 881,000 square meters.

The KAEC, together with the Saudi Arabian General Investment Authority (SAGIA) as the prime facilitator, is an embodiment of Saudi Arabia’s drive for economic diversification and expansion, to which the Kingdom owes its ongoing economic boom. Culminating with the Saudi Arabia’s joining of the World Trade Organization, the Saudi economic policy not only acknowledges, but in fact encourages, the role of the private sector in stimulating and sustaining growth.

KAEC will usher a new economic era for Saudi Arabia by encouraging and priming diverse industries, creating employment opportunities for Saudis and providing a unique living environment.

Emaar.E.C. is a Saudi joint stock company managed by the Dubai-based Emaar Properties, one of the world’s largest property developers, and a number of 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. Shares worth SR2.55 billion were offered for public subscription. Shares of the Tadawul-listed Emaar.E.C. increased 3.23 percent to close at SR16 yesterday.