Saudi Bin Laden wins $381m KAEC towers deal
Jeddah, April 28, 2008
Emaar, The Economic City (Emaar.E.C), the company developing King Abdullah Economic City (KAEC), has awarded a SR1.4 billion contract ($381.2 million) to Saudi Bin Laden Group for the construction of 16 residential towers within Bay La Sun Village, the first and fully integrated residential community in the city.
Fahd Al-Rasheed, CEO, Emaar.E.C, signed the contract with Omar Bin Laden, chairman, Saudi Bin Laden Group, in Jeddah. The contract covers the design and construction of the 10-storey residential towers, each of which will feature two- to five-bedroom apartments.
“Saudi Bin Laden Group has proven capabilities in delivering the highest international standards in the design and construction of mega-projects. Through this agreement, Saudi Bin Laden Group will lend its extensive expertise to develop the 16 residential towers in line with the luxury standards outlined by KAEC,” said Al-Rasheed.
Bin Laden said: “KAEC is setting new trends in engineering and construction technology, and Saudi Bin Laden Group is privileged to undertake the design and construction of the 16 residential towers within Bay La Sun Village. We will utilize our long-standing expertise in delivering the highest international standards to the project.”
Dr Hosam Jomah, executive director – projects, Emaar.E.C, added: “The elegantly designed towers have luxury features that reflect the latest construction standards. With a total built-up area of 332,000 sq m, the towers are scheduled for completion in September 2009. In all, the residential project will feature 1,000 apartments, parking space for 1,700 cars, retail area of 15,000 sq m and lobby area of 7,000 sq m. Strategically located to maximise views of the Red Sea, the towers will have visual corridors that open to sea-views.”
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, he said. – TradeArabia News Service