AlSaad wins $28m Economic City contract
Jeddah, September 20, 2007
Emaar, The Economic City (Emaar.E.C), the company developing King Abdullah Economic City (KAEC), has awarded a SR106 million ($28.31 million) contract to AlSaad General Construction.
Under the deal AlSaad will build the management and services buildings in phase one of the Industrial Zone of KAEC.
Dr Abdulraouf Mannaa, managing director, Emaar.E.C, and Issam Kronfol, president and CEO, AlSaad General Construction, recently signed the contract in Jeddah. As per the deal, AlSaad will construct the facilities on a total built up area of 22,606 sq m.
The scope of work includes a three-floor administration building; two-floor Light Industry building; four-floor dormitory; mosque; electric sub-station; and external works such as landscaping, trenches, duct banks and other utilities. The office buildings will feature advanced IT infrastructure that will lend momentum to the development of the Industrial Zone.
“The contract with AlSaad is an important step in the construction of the Industrial Zone of KAEC, which has already opened to strong investor response,” said Dr Mannaa. “The Industrial Zone will be one of the magnets for foreign investment, so providing state-of-the-art management offices and facilities is important to drive its growth. AlSaad is one of our key partners in the construction of KAEC and the deal further reiterates our commitment to work with Saudi companies in developing the project.”
Work on KAEC, the single largest private sector-led development in the region, is progressing on-schedule. KAEC has six zones: the Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities.
The Industrial Zone spreads over 63 million sq with 4,400 net hectares of land dedicated to industrial units, plastic conversion industries and light manufacturing facilities. The zone will host over 2,500 industrialists and manufacturers, with the premises constructed to the highest specifications. Facilities include homes for employees and their families, integrated housing and incubators and light industrial modules to encourage start-up local entrepreneurs. –TradeArabia News Service