Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has awarded a SR239 million contract to Saudi Binladin Group (SBG) to undertake construction of the North-South Coastal Road within KAEC. The work on the road is to be completed in nine months. Fahd Al-Rasheed, board member and chief executive officer, Emaar.E.C, and Omar Bin Mohammed Binladin, executive board member, Saudi Binladin Group signed the contract in Jeddah. Al-Rasheed said: “King Abdullah Economic City has made rapid progress in the development of its various components. Developing a strong road infrastructure is part of our overall development strategy, as it is important to have a well-knit system to meet the demands of the residents and visitors.” He added: “All development aspects of KAEC are progressing as per earlier plans and schedules, and Emaar.E.C is sufficiently endowed to undertake the work seamlessly. Much forward planning has been made on KAEC, considering the magnitude of its size, scope and scale. The new contract to Saudi Binladin Group is a reiteration of our focus on the timely completion of all aspects of the project. It also comes as part of our plans to announce several major projects and initiatives before the end of 2008.” Omar Binladin said: “KAEC is one of the pioneering mega-projects in the region, and the new contract for developing the road infrastructure will contribute to the development of an efficiently connected community. Saudi Binladin Group works closely with KAEC on several aspects of the project. __
