Emaar, The Economic City (Emaar.EC)  has signed a SR167 million ($44.4 million) agreement with Nesma Holding Company to develop the infrastructure at Zone B under the Resort Cove, a key components within King Abdullah Economic City (KAEC).

Fahd Al-Rasheed, board member and chief executive officer, Emaar.E.C and Faisal Saleh Al Turki, marketing manager, of Nesma Holding Company signed the deal in Jeddah.

The contract has already been mobilised on site and installation of infrastructure is underway, said Al-Rasheed. The work is scheduled for completion in July 2009,  he added.

According to him, King Abdullah Economic City was making rapid strides in its evolution as a modern city in the Kingdom.

'This contract with Nesma Holding comes as a step towards establishing the most-modern infrastructure within the City,' he noted.

Fadah Al Mutaouh, senior director - construction, Emaar.E.C  said Nesma Holding had competencies in infrastructure development and their extensive expertise will help lay down a modern infrastructure for Zone B of the Resort Cove.

Al Turki said: “Nesma has a strong presence in the Kingdom, and is delighted to be working with Emaar.E.C in undertaking infrastructure work for KAEC. We are confident of completing the work according to the terms of contract by next July.”

KAEC has six key components: Sea Port, Industrial Zone, Central Business District, Educational Zone, Resort Zone and Residential Communities. Work on KAEC’s infrastructure is on-going and several key contracts have been awarded already.-TradeArabia News Service