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Dubai's Emaar unveils another mega Saudi project |
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5/11/2006 10:07:26 AM |
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RIYADH: Dubai-based Emaar Properties unveiled yesterday a joint venture with a Saudi developer to build an $11.2 billion luxury housing project in Jeddah, the kingdom's second largest city.
It is the second big Saudi venture for Emaar, the world's largest property company by capital, after it joined in December a consortium led by the Saudi Bin Laden construction company to build the King Abdullah Economic City north of the Red Sea port city of Jeddah at a cost of $26.6 billion.
The latest project, Jeddah Hills, will be a partnership with Saudi Al-Oula Development and consist of 20,000 residential units built on an area of about 2,286 hectares (6,835 acres), Emaar chairman Mohammed Al-Abbar told a press conference in Riyadh. He promised more investments in Saudi Arabia, the world's largest oil producer and exporter.
"There is more to come from Emaar and plenty more for would-be owners and investors to look forward to," he said.
"Emaar is determined to confirm its position as one of the leading real estate companies in the world while delivering top quality homes to our customers and unprecedented returns to our shareholders."
Emaar, which is building the world's tallest skyscraper in Dubai, reported in April first quarter net profit of 1.5 billion dirhams ($415 million), a 14 per cent growth over the same period in 2005. But its revenue fell 21 per cent during the same period.
Record-high energy prices over the past few years have fuelled a real estate development frenzy across the Gulf Arab states with countries competing to unveil the biggest and boldest projects.
Cash was also pumped into the region's bourses creating an unprecedented bubble that burst at the start of the year with stocks including that of Dubai-listed Emaar pummelled.
Emaar is majority owned by the government of Dubai, the region's commercial and tourism hub. -- AFP
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