Emaar signs key Saudi Electricity deals
Jeddah, October 30, 2010
Emaar Middle East has signed two agreements with Saudi Electricity Company (SEC) to integrate to the power supply infrastructure in Jeddah Gate and Al Khobar Lakes – the flagship master-planned communities developed by the company.
The agreements were signed by Ahmad Al Kulli, general manager of Emaar Middle East, and Ali Al Barack of SEC, said a statement from Emaar ME, a subsidiary of global property developer Emaar Properties.
The agreements cover the review, evaluation, and analysis of all information required to design and execute the projects, it added.
SEC will work alongside Emaar Middle East from design to execution to ensure that the projects progress as per schedule and specifications.
SEC’s supervision of the project will include reviewing, evaluating, and approving the technical tenders of the sub-stations, the specifications of materials for all project components, and the detailed final drawings.
The two agreements also include the provision of temporary electric power to cover the project development needs until permanent supply is provided through two main substations.
These deals further strengthen the leading role of the two organisations in their fields, the statement added.
"One of the critical components of an integrated community is power supply, and Emaar is taking a leadership role by managing power supply through the substations," Al Kulli said.
"Through our agreement with Saudi Electricity Company, we will be able to provide seamless power supply for residents in our two communities – Jeddah Gate and Al Khobar Lakes," he noted.
The agreements, he said, also highlight the rapid progress Emaar has made in the construction of its projects in Saudi Arabia, which are on schedule to welcome the first residents later this year.
"They also underscore our contribution to Saudi Arabia, and achievements in strategy and planning through partnerships with organisations such as Saudi Electricity Company and other governmental and semi-governmental organisations," he added.
The SR6 billion ($1.59 billion) Jeddah Gate is a pioneering master-planned mixed-use community spread over half a million sq m in Jeddah's new downtown, while Al Khobar Lakes is a luxury lakefront development.
Investor response to the launch of homes within both projects has been overwhelming, and both projects are currently progressing as per schedule.
Emaar Middle East is also developing Emaar Residences at the Fairmont Makkah, which is located directly on the Haram Plaza.-TradeArabia News Service