Emaar, the economic city: building a city of the future

By: CATHERINE STURMAN

In order to build the largest privately-owned city in the world, Emaar The Economic City has undergone a significant procurement transformation

A Tadawul-listed real estate development and management company, EEC’s primary focus is the planning and development of KAEC. When it launched its successful IPO in July 2006, EEC made history: more than half of the Saudi population subscribed. EEC is headed by Emaar Properties PJSC and a number of high-profile investors from Saudi Arabia.

KAEC focuses on five essential sectors, including logistics, non-oil industries, leisure and tourism, quality of life “real estate development” and, finally, youth support.

Building more than 10K residential properties, the company has developed six residential neighbourhoods outfitted with the highest standards of facilities designed to suit all types of residents. EEC is passionate about building a city for the future. Working with partners, such as Creet Contracting who are currently undergoing the second phase of building the local village, EEC has moved contractors, consultants and suppliers to the new city to facilitate its ongoing growth.

Situated on the coast of the Red Sea, the new city, named King Abdullah Economic City (KAEC), has become the largest privately funded new city worldwide. Spanning an impressive 181mn square meters the area is the home to 30 tourism projects, 10 of which are already operational, such as: The Royal Greens Golf and Country Club and Bay X Conference and Entertainment center, with 20 other projects set to launch later this year. EEC also aims to provide high-standard educational and healthcare services. It currently has two medical institutions and has launched The World Academy in collaboration with Global GEMS, a well-known educational establishment. Additionally, Prince Mohammad Bin Salman Collage for Management and Entrepreneurship has already welcomed its first batch of students.

KAEC’s Industrial Valley attracted more than 100 companies, including international brands such as Mars, Ikea and pharmaceutical giant Pfizer. Additionally, the city has King Abdullah Port, the first port in the Middle East to be fully owned, developed and operated by the private sector, and is one of the fastest growing ports in the world.

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