Business | Property
Emaar awards KAEC deal to Al Gethmi
Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has awarded a 199.09 million Saudi riyals contract to Mubark Al Gethmi Contractors to construct the concrete skeletons of four residential towers within Bay La Sun Village - the first residential community in KAEC.
- Staff Report
- Published: 23:52 May 11, 2008
Dubai: Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has awarded a 199.09 million Saudi riyals contract to Mubark Al Gethmi Contractors to construct the concrete skeletons of four residential towers within Bay La Sun Village - the first residential community in KAEC.
Fahd Al Rasheed, board member and chief executive of Emaar.E.C, signed the contract with Nabeel Al Jamal, chairman, Mubark Al Gethmi Contractors. The contract covers the structural work of the towers. The towers, 13 storeys each, will feature studios, one- to three-bedroom apartments and a group of two-storey penthouses at the top of each tower in addition to car parking.
Al Rasheed said: "Bay La Sun Village has introduced a new lifestyle concept to the kingdom. As the first residential community in KAEC, we are creating a world-class neighbourhood by employing the best practices in engineering and construction."
In all, the towers have a total built-up area of 200,000 square metres with phase one scheduled for completion at the end of 2008 and phase two in early 2010.
It will feature 532 apartments, parking space for 1,500 cars and retail area of 9,000 square metres.
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