Dubai, UAE — Emaar, The Economic City, the master-developer of King Abdullah Economic City (KAEC), has signed a strategic agreement with Orascom Development and Managment and Alkholi Holding Company to develop a waterfront mix-use destination in KAEC.
This initiative aims to enhance the city’s position as a family gateway to the western region with full connectivity to multiple destinations, including King Abdulaziz International Airport – Jeddah – at 35 minutes using Haramain Highspeed Railway.
Tourism projects currently under development in King Abdullah Economic City are the luxurious Vivienda resort, along with the 5-star Rixos resort featuring a waterpark, and ENVI Lodges ecological and environment friendly lodges.
Under this agreement, Orascom represented by Samih Sawiris, will be the main investor to develop a world-class mix-use tourism city across a mega-parcel of 9.5 million square meters, leveraging on its experience in El Gouna (Egypt).
Orascom’s extensive development in King Abdullah Economic City will feature a marina, a fully-fledged downtown along with resorts, high-end residential developments, retail and commercial development, a wide range of restaurants and F&B outlets, as well as other commercial spaces and social facilities.
Alkholi Holding is one of the shareholder and investor in Orascom Development. Alkholi Holding remains a strategic investor and developer of real-estate and hospitality mega-projects with a reach spanning across Middle East, Europe and United States; specifically catering to the residential and hospitality projects.