$24m KAEC infrastructure deal signed
Emaar EC and Al Habri Contracting sign deal for phase I development of industrial area
Emaar EC and Al Habri Contracting have signed a $24.2m contract for KAEC’s infrastructure works.
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Saudi Arabia’s Emaar the Economic City (Emaar EC), the developer behind King Abdullah Economic City project, said on Saturday it had signed a $24.2m contract with a local contracting firm for infrastructure works in the city.
The affiliate of UAE’s Emaar Properties signed the 365 day contract with Al Habri Contracting for the asphalt paving of roads, and the setting up of water, sewage, electricity and telecom grids in the city.
In a statement to the Saudi bourse website, Emaar EC said that these works are part of the first phase of development for the city’s industrial area.
Emaar has been steadily developing its regional business with a number of deals in recent months.
Earlier this month, the property developer announced that its Egyptian subsidiary had launched Egypt’s largest open mall project in Uptown Cairo. The 250,000m2 project will be part of the $2.1bn Uptown Cairo Project.
In addition, Emaar and the Iraq Ministry of Construction and Housing has signed an MoU to jointly develop residential, commercial and tourism projects.
