Emaar, The Economic City (EEC), the master-developer of the King Abdullah Economic City (KAEC), has signed a strategic agreement with Orascom Development Company and Alkholi Holding Company to develop a unique waterfront mix-use destination in KAEC.
The key development will boast a world-class marina, a fully-fledged downtown along with resorts, high-end residential developments, retail and commercial development as well as a wide range of restaurants and F&B outlets in addition to other commercial spaces and social facilities.
According to EEC, as one of the most attractive destinations for tourism, entertainment and business, King Abdullah Economic City offers investment projects in hospitality, lifestyle, entertainment and residential sectors, enhancing the residents’ overall quality of life.
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, it stated.
The latest tourism projects currently under development in King Abdullah Economic City are the luxurious Vivienda resort, along with the five-star Rixos resort featuring a waterpark and ENVI Lodges.
As per the deal, Orascom represented by Samih Sawiris will be the main investor to develop a world-class, mixed-use tourism city across a mega-parcel of 9.5 million square meters, leveraging on its experience in El Gouna (Egypt).
