KING ABDULLAH ECONOMIC CITY — King Abdullah Economic City (KAEC) has awarded a contract worth SR210 million to Ruwad Construction Company (RCC), one of the largest companies in the Saudi Arabian construction industry, offering development and project management services throughout the region. RCC will be responsible for the construction and interior finishing of 270 attached villas and a multifaceted community center in the KAEC prestigious “Al-Murooj” district. The estimated handover date for the completed units is scheduled for year-end 2014. “Ruwaad Construction Company has earned an exceptional reputation for delivering quality projects in Saudi Arabia according to the highest international standards,” said Fahd Al-Rasheed, Managing Director and CEO of KAEC. “We have full confidence in its qualified workforce, led by a seasoned team of engineers and supervisors who employ the latest international management systems focusing on quality, safety and precision. This latest project will further enhance Al-Murooj District, which offers a unique premium lifestyle in proximity to the Red Sea and access to the extraordinary existing amenities within KAEC.” Expressing his satisfaction at the contract signing, RCC President Shaher Al-Taki said: “King Abdullah Economic City is a ground-breaking project, which is playing a pivotal role in the development of the national economy. Winning this prestigious contract is a validation of the work we have already completed for KAEC and we embrace the challenge with enthusiasm and dedication. We will be deploying the very best of our continuously expanding resources and expertise to complete this project efficiently, on-schedule and with excellence. ” Charles Biele, Head of Residential Development in KAEC, commented further: “The Al-Murooj district features an excellent balance of well-appointed villas and townhouses for families who wish to reside in an upscale and family friendly environment. The district's luxurious, private neighborhoods and lush landscaping make it one of the most desirable residential communities in Saudi Arabia”. Biele added: “Al-Murooj is one of the most exclusive areas within the King Abdullah Economic City, and we are fortunate to be able to offer a range of investment opportunities for discerning purchasers. The Al Murooj district enjoys a pristine setting along the Red Sea and its expansive 4.6 million square-meter area provides the opportunity to create a unique amenity rich lifestyle environment for residents to relax and enjoy life.” King Abdullah Economic City is one of the largest and most important private sector initiatives in the Middle East, encompassing 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, which are all supported by a high 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 the Dr. Soliman Fakeeh Hospital Company. In addition, retail stores have been fully leased and a number of restaurants, cafes, sales outlets and pharmacies are already open. — SG
