Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has awarded recently a SR1.4 billion contract to Saudi Bin Laden Group for the construction of the 16 residential towers within Bay La Sun Village - the first and fully integrated residential community - in KAEC. The contract covers the design and construction of the 10-storey residential towers, each of which will feature two- to five-bedroom apartments. Al-Rasheed said: “Saudi Bin Laden Group has proven capabilities in delivering the highest international standards in the design and construction of mega-projects. Through this agreement, Saudi Bin Laden Group will lend its extensive expertise to develop the 16 residential towers in line with the luxury standards outlined by KAEC.” Omar Bin Laden added: “KAEC is setting new trends in engineering and construction technology, and Saudi Bin Laden Group is privileged to undertake the design and construction of the 16 residential towers within Bay La Sun Village. We will utilize our long-standing expertise in delivering the highest international standards to the project.” Dr. Husam Jumah, executive director - Projects, Emaar.E.C, said: “The elegantly designed towers have luxury features that reflect the latest construction standards. With a total built-up area of 332,000 sq m, the towers are scheduled for completion in September 2009. In all, the residential project will feature 1,000 apartments, parking space for 1,700 cars, retail area of 15,000 sq m and lobby area of 7,000 sq meters. Strategically located to maximise views of the Red Sea, the towers will have visual corridors that open to sea-views and to be lined by retail and leisure amenities.” KAEC is the single largest private sector-led project in the region and has six key components: the Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities. Work is progressing according to schedule on the various zones. Emaar.E.C, established in September 2006, is a Saudi joint stock company managed by Emaar Properties PJSC, one of the world's largest property developers, and a number of high profile investors from Saudi Arabia. Emaar.E.C has a share capital of SR8.5 billion consisting of 850 million shares of nominal value SR10 each. Thirty percent of the equity, worth SR2.55 billion, was offered for public subscription. Emaar.E.C leads the master-planning and development of the 168 million sqm King Abdullah Economic City. __
