Emaar Properties' Saudi affiliate said on Sunday it had awarded a $53.1-million contract for the construction of four residential towers in King Abdullah Economic City (KAEC).

Mubark Al Gethmi Contractor will build the concrete skeleton for the four towers in Emaar Economic City's Bay La Sun village, which is scheduled for completion in early 2010, the company said in a statement.

Emaar Economic City is spearheading the KAEC development on the Red Sea coast, which the government has said could attract SR100 billion ($26 billion) in investment.

It includes a port, an industrial zone, a financial district and residential
communities.

Dubai-based Emaar is the largest Gulf Arab property developer by market value.-Reuters