Business & Finance Club Magazine - Real Estate Sector - Saudi Arabia: Emaar, The Economic City (EEC), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has recently signed a development and license agreement with Al Ahlam Marine Tourism Group (AAMTG) to develop a marina and yacht club facility inside KAEC. The signing took place at KAEC between HH Prince Abdullah Bin Saud Al Saud, president of AAMTG, and Fahd Al Rasheed, managing director and CEO of EEC.
The new marina is meant to be a premium world-class development that will be located in the Bay La Sun waterfront area of the city. Bay La Sun is a fully integrated residential community directly overlooking the Red Sea. The elegantly designed luxury apartments come in different sizes and are set amidst placid water canals EEC recently completed. Bay La Sun will offer a fully integrated live work and recreate environment and lifestyle.
“Vision of KAEC and EEC’s long-term commitment to contribute to the Kingdom’s economic prosperity, lifestyle and growth of tourism industry, all fall perfectly in line with our plan for the new facility and realize the full potential of it” Prince Abdullah Al Saud said.
“Such development, from a seasoned and significant investor, HH Prince Abdullah Al Saud, will help to create rewarding opportunities for KAEC as a tourism destination. The investment from AAMTG shows increasing commitment by developers to King Abdullah Economic City” Al Rasheed said.
The new facility will offer vessel berthing capacity for up to 124 vessels. The marina docks are to offer a full complement of services including power, water, and telecommunications. AAMTG shall also provide other types of waterfront recreational services to the public with jet ski and jet boat rentals, boat rental, charter fishing excursions, and other planned water sports activities for the family.
The approximately 3,000 square meter yacht club facility will include prominent canal front views for the yacht club’s waterfront casual dining, retail outlets, dive shop and other leisure spots.
Emaar E.C., now based in KAEC, had handed over in 2009 a wide range of residential units at Bay La Sun, land plots in the Industrial Valley, offices at the business park as well as a wide variety of retail space throughout the city. KAEC is coming to life as a large number of companies and organizations have already started carrying out their daily operations from KAEC, as the first wave of residents are settling down in the city, becoming the core of KAEC’s future communities. – SG
