Emaar, The Economic City (EEC), the master-developer of the King Abdullah Economic City (KAEC), has signed a strategic agreement with Orascom Development Company and Alkholi Holding Company to develop a unique waterfront mix-use destination in KAEC. 

 

The key development will boast a world-class marina, a fully-fledged downtown along with resorts, high-end residential developments, retail and commercial development as well as a wide range of restaurants and F&B outlets in addition to other commercial spaces and social facilities.

 

According to EEC, as one of the most attractive destinations for tourism, entertainment, and business, King Abdullah Economic City offers investment projects in hospitality, lifestyle, entertainment, and residential sectors, enhancing the residents’ overall quality of life. 

 

This initiative aims to enhance the city's position as a family gateway to the western region with full connectivity to multiple destinations, including King Abdulaziz International Airport – Jeddah - at 35 minutes using Haramain Highspeed Railway, it stated.

 

Latest tourism projects currently under development in King Abdullah Economic City are the luxurious Vivienda resort, along with the 5-star Rixos resort featuring a waterpark, and ENVI Lodges ecological and environment friendly lodges.

 

As per the deal, Orascom represented by Samih Sawiris will be the main investor to develop the a world-class mix-use tourism city across a mega-parcel of 9.5 million square meters, leveraging on it’s experience in El Gouna (Egypt). 

 

On the launch, Fahad Al Saif, the Chairman of the Board of Emaar, the Economic City (KAEC), said: "We are pleased with the strategic collaboration with Orascom Development and Alkholi Holding Company and we welcome them here in KAEC, distinguished by its world-class ready infrastructure and valuable offerings that have played a key role in attracting major investors and 3rd party developers like Orascom."

 

"Orascom's ambitious project aligns with our strategic vision to enhance the tourism and quality of life in the City by attracting key developers. This project is a key milestone in turning KAEC into a unique tourism destination, contributing to achieving Saudi Vision 2030 goals," he stated.

 

Sawiris said: "We are pleased to be a strategic partner for King Abdullah Economic City in our first development and investment in the kingdom."

 

"Through this effective collaboration, we look forward to contributing to the aspirations of KAEC with this massive project that will be a qualitative addition to the thriving Saudi tourism sector," he added.-TradeArabia News Service