Business | Construction
Bin Laden group wins Dh1.37b deal for towers in Emaar's Saudi venture
Emaar, The Economic City, the Tadawul-listed company developing King Abdullah Economic City (KAEC), has awarded a 1.4 billion Saudi riyal (Dh1.37 billion) contract to Saudi Bin Laden Group for the construction of the 16 residential towers in Bay La Sun Village - the first and fully integrated residential community - in KAEC.
- Staff Report
- Published: 23:59 April 28, 2008
Dubai: Emaar, The Economic City, the Tadawul-listed company developing King Abdullah Economic City (KAEC), has awarded a 1.4 billion Saudi riyal (Dh1.37 billion) contract to Saudi Bin Laden Group for the construction of the 16 residential towers in Bay La Sun Village - the first and fully integrated residential community - in KAEC.
Fahd Al Rashid, CEO, Emaar, the Economic City, signed the contract with Omar Bin Laden, chairman, Bin Laden Group, in Jeddah, recently.
The contract covers the design and construction of the 10-storey residential towers, each of which will feature two- to five-bedroom apartments.
Al Rashid said: "Bin Laden Group has proven capabilities in delivering the highest international standards in the design and construction of mega-projects. Through this agreement, Bin Laden Group will lend its extensive expertise to develop the 16 residential towers in line with the luxury standards outlined by KAEC."
Bin Laden said: "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 utilise our long-standing expertise in delivering the highest international standards to the project."
With a total built-up area of 332,000 square metres, 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 square metres and lobby area of 7,000 square metres.
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.
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