Emaar partners with Orascom and Alkholi for unique waterfront destination
Jeddah, October 19, 2023, Emaar, The Economic City (EEC), the driving force behind the development of King Abdullah Economic City (KAEC), has revealed an exciting partnership with Orascom Development Company and Alkholi Holding Company to create a distinctive mixed-use waterfront destination in KAEC. This collaborative venture seeks to elevate the city's status as a family-friendly gateway to the western region, boasting excellent connectivity to multiple destinations, including King Abdulaziz International Airport in Jeddah, just a 35-minute ride away via the Haramain Highspeed Railway.
Recognized for its appeal in tourism, entertainment, and business, King Abdullah Economic City offers investment opportunities in the hospitality, lifestyle, entertainment, and residential sectors, all of which contribute to enhancing the overall quality of life for its residents. Among the latest tourism projects in the pipeline for King Abdullah Economic City are the luxurious Vivienda resort, the 5-star Rixos resort featuring a waterpark, and the environmentally friendly ENVI Lodges.
Under this agreement, Orascom, led by Samih Sawiris, will serve as the primary investor responsible for developing a world-class mixed-use tourism city sprawling across an expansive 9.5 million square meters, drawing from their successful experience in El Gouna, Egypt. Orascom's ambitious development in King Abdullah Economic City will encompass a world-class marina, a vibrant downtown area, along with resorts, upscale residential complexes, retail and commercial spaces, a diverse array of dining establishments, and various social facilities.
Fahad Al Saif, Chairman of the Board of Emaar, the Economic City (KAEC), expressed his enthusiasm about this venture, stating, "We are pleased with the strategic collaboration with Orascom Development and Alkholi Holding Company and we welcome them here in King Abdullah Economic City, distinguished by its world-class ready infrastructure and valuable offerings that have played a key role in attracting major investors and 3rd party developers like Orascom. Orascom's ambitious project aligns with our strategic vision to enhance the tourism and quality of life in King Abdullah Economic City by attracting key developers. This project is a key milestone in turning King Abdullah Economic City into a unique tourism destination, contributing to achieving Saudi Vision 2030 goals."
Samih Sawiris, Chairman of Orascom Development, expressed his satisfaction with this strategic partnership, noting that it marks their first foray into development and investment in the Kingdom of Saudi Arabia. He anticipates that this project will significantly contribute to the growth of the Saudi tourism sector, aligning with the aspirations of King Abdullah Economic City.
The Founder, Chairman, and Managing Director of the Alkholi Holding Company also expressed delight about their strategic partnership with Orascom in establishing this massive tourist destination. Dr. AlKhouli emphasized the city's strategic location on the shores of the Red Sea, boasting state-of-the-art infrastructure, positioning it as one of the leading economic cities in the region. AlKhouli warmly welcomed this partnership as it aligns with Saudi Vision 2030 goals.
King Abdullah Economic City is an established and dynamic tourist and entertainment destination, drawing over 1.2 million visitors annually. With its extensive range of high-level facilities and services, particularly in the hospitality sector, along with a pristine Red Sea coastline spanning over 40 kilometers and a variety of entertainment and tourism offerings, King Abdullah Economic City stands as an enticing destination for both local and international visitors.