King Abdullah Economic City (KAEC) has awarded a SR313 million ($83.4 million) contract to Rezaik Al-Jedrawi Company for the construction of the first phase of its Al Waha residential community.

The phase I of Al Waha, comprising 650 units offering both single and multifamily housing solutions, will cover an area of 180,000 sq m.

The sales and pre-leasing will start in 2014, while the customer handover is scheduled for the fourth quarter of 2015, said Fahd Al-Rasheed, the managing director and CEO after signing the agreement.

“We have planned the scope of residential accommodation at KAEC to cover all income levels and Al Waha is among the first communities within the facility addressing the need for middle-income housing,” stated Al Rasheed.

Explaining the project, the KAEC chief said: “Al Waha is an innovative concept comprised of several distinct villages organized around a system of open space corridors and roadways, complete with activity centers that provide places to worship, learn, shop, dine, socialize, play and relax in a landscaped setting that provides an aesthetically pleasing environment.”

One of the largest and most important private sector initiatives in the Middle East, KAEC encompasses a total area of 168 million sqm along the coast of the Red Sea.

Through its Industrial Valley, KAEC has succeeded in attracting more than 50 national and international industrial companies. Strategically located and with its own seaport, KAEC offers a wide range of housing solutions that are suitably priced for different income levels.

Marzooq Abdulrazeq, the general manager of Rezaik Al-Jedrawi Company, said: “We are delighted at being awarded this contract and look forward to contributing our experience and expertise in mega construction projects of this kind, as well as being honored to play a part in the realization of this magnificent vision of the Custodian of the Two Holy Mosques that looks far into the future for the benefit of Saudi citizens for many generations to come.”

The KAEC residential districts are supported by quality infrastructure and a complete range of services and facilities such as The World Academy School, which is already open with a future total capacity of 2,250 students, and a medical center for primary care and emergency operated by Dr Soliman Fakeeh Hospital Company.

In addition, retail stores have been fully leased and restaurants, cafes, sales outlets and pharmacies are already open.-TradeArabia News Service