Emaar denies delay to $11.2bn Saudi development
Property giant claims Jeddah Hills project not 'on hold', plans still in progress.
Emaar Properties has denied reports that its US $11.2 billion (SAR 42 billion) Jeddah Hills project in Saudi Arabia is 'on hold'.
The company issued a statement saying that plans for the project, which is being developed in partnership with Saudi Arabia's Al Oula Development Company, are still in progress.
The statement follows a report last week claiming the project had been 'put on hold' because the developer was unable to 'secure necessary clearances'.
The statement said: "Saudi Arabia is one of the largest development markets for Emaar with several high-profile projects including King Abdullah Economic City (KAEC) and The Economic City.
"Emaar Middle East is also developing Jeddah Hills, another mixed-use project. In-depth feasibility studies are currently being undertaken before more details of the project will be announced."
The company declined to comment further.
Jeddah Hills will be made up of 24 residential villages spread over 25 million m2. Each village will house 750 residential plots, a local mosque, primary and secondary schools and amenities including clinics and municipality services.
The villages, each measuring 465,000m2, will be connected by a network of internal streets and external thoroughfares, public green spaces, community lakes and additional amenities including playgrounds. A transport system will also connect them.
Several contracts for the KAEC project have been awarded since the beginning of the year.