Alabbar says Emaar open to participation in Saudi megaprojects
Emaar Properties' chairman reportedly said that developments such as Neom and the Red Sea Resort would be of interest to the Dubai-based real estate giant
Mohamed Alabbar has said that Emaar Properties would be open to opportunities in Saudi Arabia.
The Dubai-headquartered real estate giant's chairman added that megaprojects such as Neom would be of interest to the company.
"We are open to new opportunities in the kingdom, including mega-developments such as Neom as well as the Red Sea Resort," Alabbar reportedly said.
"We have the competencies in developing and delivering megaprojects, as we have proved in the UAE, Saudi Arabia, Egypt, Jordan, Morocco, India, and Pakistan."
The chairman, in an interview with Arab News, called Saudi Arabia's King Abdullah Economic City (KAEC) a "thriving residential and leisure neighbourhood".
Commenting on the master-development, he reportedly added: "[KAEC] complements the goals of Vision 2030, with its focus on creating domestic value, and [catalysing] the business and leisure sectors.
"As a leisure hub by the Red Sea, KAEC can energise the diversification goals of the kingdom."
Alabbar also expressed optimism about the Egyptian development market.
"The policies of the government have strengthened our region’s third-largest economy and I see even greater progress," he told Arab News.
Emaar The Economic City (Emaar EC) leads the master-planning and development of KAEC, a project being built in the north of Jeddah.
KAEC comprises six components, which include a sea port, an industrial district, an educational zone, resorts, a residential area, and a central business district featuring commercial, mixed-use, and retail outlets, as well as a financial island.
Based on initial forecasts, KAEC will create up to one million employment opportunities in the various industries and service-oriented companies it will host, and will be home to two million residents.
Emaar EC's total comprehensive income for 9M 2017 amounted to $12m (SAR45.6m), an 84.6% decline against 9M 2016's corresponding figures of $78.8m (SAR295.4m).
Change in infrastructure cost estimates of industrial land was cited as a factor for the income reduction.
In Dubai, its home market, Emaar created a joint venture (JV) with Abu Dhabi's Aldar Properties last month.
The JV, worth $8.1bn (AED30bn), will develop the Emaar Beachfront and Saadiyat Grove projects respectively in Dubai and Abu Dhabi.