King Abdullah Economic City (KAEC) held the opening ceremony of Al-Waha district. The award winning contemporary community is designed and built to the highest international standards, offering modern designs blended with traditional values. Al-Waha community is located in close proximity to the pristine beaches of the Red Sea, and is a part of the prestigious Coastal Communities of KAEC. In his speech, Fahd Al-Rasheed, Group CEO and managing director of KAEC said: "The event marks another historic milestone for KAEC. With the opening of Al-Waha district, another vision is turned into reality and a new community is born. It gives me great pleasure to welcome the new residents of "Al-Waha" knowing that they will be able to avail the great living experience that we have designed for them". He went on to say: "We are enjoying a time of rapid expansion, and transitioning promises to realities. We are experiencing increasing interest to live and work in KAEC, by citizens, and corporates alike - keen to avail the excellent opportunities that our exciting new city offers." Charles Biele, CEO of Real Estate Development Company (REDCo) in KAEC, said: "The allure of Al-Waha which extends over an area of 500,000sqm, stems from the contemporary designs and wide choice of residential units — which include apartments, paired homes, townhouses and villas, all with varied features that combine Spanish, Moroccan, Italian and Arabian designs. Al-Waha Village fulfills our customer's desires for a modern lifestyle while maintaining its appeal as a peaceful and family-friendly community. In addition, Al-Waha features exciting community amenities including landscaped parks and walking trails plus a community center with a resident's clubhouse, swimming pools and children's play areas to ensure a healthy and active lifestyle. Al-Waha is a Cityscape award winning community located close to the pristine Red Sea beaches. Residents will enjoy an exclusive luxurious living experience, and benefit from a number of KAEC's existing and future lifestyle elements including a variety of beach and marina waterfront dining options, retail, health care, the highest quality schools, world class universities, and mosques. It is a ready product, available for handover upon full payment. Coupled with high demand for lease of Coastal Communities properties, this translates into an exciting opportunity to earn handsome rental yields on top of lucrative capital gains prospects. King Abdullah Economic City covers 181 million square meters of land and is being developed into a fully integrated city. The mega project consists of: the Coastal Communities that offer total housing solutions for all segments of society, King Abdullah Port which is being developed to be one of the largest ports in the world, the Hejaz district that includes the Haramain Railway station, and the Industrial Valley which extends over an area of 55 million square meters, and has signed with different national and international companies.
