JEDDAH, 2 October 2007 — Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has signed a construction contract worth SR129 million with Saudi Binladen Group for executing road works. The project, to be completed within seven months, covers the construction of a 13-km road from KAEC main gate to the Bay La Sun Village residential community that was unveiled recently.
Emaar said in a statement yesterday that the road will enhance connectivity to the Bay La Sun Village, a fully-integrated residential community overlooking the Red Sea and featuring elegantly designed luxury apartments set amid placid water canals.
Dr Abdulraouf Mannaa, managing director, Emaar.E.C, signed the contract with Engr. Omar Binladen, chief executive officer, Saudi Binladen Group, in Jeddah, recently.
“Emaar, The Economic City, is committed to providing a strong infrastructure support for KAEC including the laying of an excellent road network. Saudi Binladen Group is one of the major contractors involved in the construction of KAEC, and this contract reiterates our operational philosophy of partnering with local and leading companies,” Mannaa said.
The long stretch of road that leads to the Red Sea will be supported by electricity and other ancillary services.
The land bordering the road will be elegantly landscaped. The road will also connect the various amenities at Bay La Sun Village such as leisure and retail outlets, mosques, medical centers and community areas.
KAEC is the single largest private sector-led project in the region and has six key components: the Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities. Work is progressing according to schedule on the various zones and both the industrial and residential areas have already opened for investors.
Binladen said “undertaking contracts for the project is a privilege that provides us with the opportunity to showcase our world class construction expertise. We have a track record of accomplishing several prestigious projects in Saudi Arabia, and have especial expertise in undertaking infrastructure work, which we will employ at KAEC too.”