Emaar EC seals deal to develop tourist destination in KAEC

Emaar The Economic City (Emaar EC), the master developer of King Abdullah Economic City (KAEC), signed today, Oct. 19, a strategic cooperation agreement with Orascom Development Co. and Al Kholi Group to develop a world-class, mixed-use tourist destination in KAEC, the Saudi Press Agency reported.

The agreement aims to strengthen the city’s position as a family destination for the Western Province, directly connected to several destinations. This is given that KAEC is a 35-minute ride from King Abdulaziz International Airport, Jeddah, using the Haramain Express Train.

Furthermore, the deal is in line with KAEC’s goals to provide projects and investment opportunities in the hospitality and entertainment sectors, as well as residential projects that raise the overall quality of life for the city’s residents.

Under the agreement, Orascom, represented by Samih Sawiris (main investor) will develop the multiple tourist destination with international standards on a whopping estimated 9.5 million square meters, leveraging its experience in El Gouna, Egypt.

The mega project will feature a world-class marina and an integrated city center, in addition to luxury resorts as well as residential, retail and commercial projects. This is besides an array of dining and food & beverage outlets, amongst other social facilities.

Source : Argaam