Emaar, The Economic City celebrates SR1b sales
JEDDAH - Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC) has achieved SR1 billion from sales of residential units within the first phase. The robust performance was backed by the launch of several new projects worth SR130 billion by Custodian of the Two Holy Mosques King Abdullah bin Abdul aziz Al Saud during his visit to KAEC in June.
Emaar.E.C held a celebratory event to mark the landmark performance of the company attended by all staff members of the company. At the event, all the highlights of the first-half of 2008 were showcased to give attendees a detailed scope of the achievements. A film on the visit of King Abdullah and the progress made on the project was showed to the audience, and several companies partnering with Emaar.E.C on the mega-project were honoured.
Fahd Al Rasheed, Chief Executive Officer and Board Member, Emaar.E.C, said: "The achievements of the company in meeting the founding objectives of KAEC reiterate the mega-project's important role in further enhancing the socio-economic prosperity of the Kingdom. It also puts the spotlight on SAGIA's Vision 10x10 to make the Kingdom one of the top 10 competitive nations in the world. The overwhelming sales response highlights the trust of our stakeholders and that of the general public in the project."
At the ceremony Joseph Kilar, Chief Operating Officer, Emaar.E.C, gave an updated presentation on the various projects that will be completed by end 2008. He reinforced the importance of working together as a team and keeping up with the schedule as per international standards and quality practices. He added that these elements were crucial to the success of the achievements of the company during the first half of the year, and said that efforts will be doubled to complete KAEC as per the time-frame.
Imad Hashem, Senior Director of Communications & External Relations, Emaar.E.C, said: "Emaar.E.C is currently looking to further enhance our team with new members. This underscores our commitment to create promising job opportunities in the Kingdom. This year, we have already recruited 65 key personnel from 16 nationalities. Saudi Arabian nationals, today, form 64 per cent of our employee team. We also plan to launch several corporate social responsibility initiatives and an Investor Relations programme shortly."