$150m contract awarded to develop King Abdullah Economic City
Emaar The Economic City, backed by the Saudi Public Investment Fund (PIF), has awarded a new infrastructure contract for the Industrial Valley and the Special Economic Zone at King Abdullah Economic City on the west coast of Saudi Arabia.
The SAR547 million ($146 million) KAEC contract was awarded to Nesma and Partners Contracting Company, a local contractor, Emaar EC said in a statement to the Saudi stock exchange on Tuesday.
The work scope includes the development of the first phase of King Salman Automotive Cluster, which is home to domestic and global companies such as Ceer, Lucid, Hyundai and Pirelli.
KAEC, located on the Red Sea coast, spans 185 sq km north of Jeddah and is anchored by King Abdullah Port. The Industrial Valley focuses on developing the kingdom’s logistics and light manufacturing capacities.
More than 100 multinational and Saudi companies have set up bases in the KAEC, according to its website.
The shares of Emaar EC closed at SAR11.98 on Monday, up 18 percent so far this year.
PIF owns 55.5 percent of Emaar EC and 30 percent of Nesma and Partners Contracting.
Further reading:
- Construction and retail strain propels Saudi bankruptcies
- Saudi construction costs in steepest hike in two years
- Dubai’s Gold Line metro expected to lift property prices
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