Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has signed a memorandum of understanding (MoU) with The Ritz -Carlton, a globally recognized luxury & lifestyle hotel and resort brand, for the management of a luxury resort within the Resort Cove district of KAEC. Scheduled to open in 2011, the luxury beachfront resort will feature a combination of luxurious guest rooms and private villas designed to meet The Ritz Carlton standard with a choice of dining experiences, a world-class fitness center and spa, beach & other outdoor leisure facilities, and banqueting facilities. The planned luxury residential villas will also have access to the services of The Ritz-Carlton, including daily maid service, valet, 24-hour room service, and extensive fitness and facilities. The new resort will be located on a 180,000 square meter plot of prime beachfront property in the Resort Cove district of KAEC. The Resort Cove is a gated development situated along a 4-kilometer stretch of virgin coastline along the Red Sea. The Resort Cove includes Esmeralda, a unique villa and townhouse community, the first of its kind in Saudi Arabia. Esmeralda will feature over 2,000 villas and townhouses nestled alongside a world-class 18 whole golf course. The community will also feature an exclusive town center, club house and several retail and leisure outlets. Fahd Al-Rasheed, Board Member and Chief Executive Officer of Emaar E.C said: “The agreement with The Ritz-Carlton reiterates the on-schedule development of KAEC, by bringing in world-class partners for the operation of the various components of the mega-project. The Resort Cove district will be a vibrant value addition to KAEC. __
