King Abdullah Economic City on Track for 2009 Targets: Emaar

Emaar CEO Fahd Al Rasheed scotched talks of a delay in its flagship project.

“We are planning to deliver the industrial land to investors in February next year and to hand over the residential units to the owners in March,” Al Rasheed said in a statement.

Al Rasheed said that aside from the residential and industrial estate, Emaar will also open the first school in the King Abdullah Economic City in September, while commercial offices in the first business tower in Bay La Sun Village will be ready for occupancy by August.

“There has been huge investor demand for the residential units and we have already sold 1,000 units. This underlines the economic stability of the project and requires that we adhere to our original schedule.”

The King Abdullah Economic City is strategic to Saudi Arabia’s plans to diversify the oil-based economy and generate employment for a rapidly growing population.

The 38,000 square metre industrial estate that will be turned over to investors in February, is part of the projected 6.8 million square metre first phase of the city’s industrial zone. The entire industrial estate once completed, will cover 64 million square metres.

Emaar Economic City said though that it will only be able to complete the first phase of the city’s port by end 2011, at least a year’s delay from plans announced earlier this year. The port will include a cargo transport terminal.

rocel@khaleejtimes.com