RIYADH: The King Abdullah Economic City is set to get yet another tourist attraction with the development of a waterfront mixed-use destination.
Emaar, The Economic City, the developer of KAEC, has signed an agreement with Egypt’s Orascom Development Co. and Saudi-based Alkholi Holding Co. to develop the 9.5-million-sq. meter destination that aims to “enhance the city’s position as a family gateway to the Kingdom’s western region” with connectivity to multiple destinations.
Under the agreement, the Egyptian real estate firm will be the main investor and it will develop a world-class marina, a full-fledged downtown along with resorts, and high-end residential and commercial facilities.
“Orascom’s ambitious project aligns with our strategic vision to enhance the tourism and quality of life in King Abdullah Economic 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,” said Fahad Al-Saif, chairman of the board of Emaar, The Economic City.
Commenting on the deal, Samih Sawiris, chairman of Orascom Development Co., said: “We are pleased to be a strategic partner for King Abdullah Economic City in our first development and investment in the Kingdom of Saudi Arabia.”
KAEC is an established and vibrant tourist and entertainment destination, hosting over 1.2 million visitors annually.
Hamza Al-Kholi, chairman and managing director of the Alkholi Holding Co., said: “The city is distinguished by its strategic location on the shores of the Red Sea and possesses state-of-the-art infrastructure, making it one of the leading economic cities in the region.”
KAEC welcomes third-party investors, real estate developers, and operators to realize their ambitions in the city and help accelerate its development.
