Jeddah, Saudi Arabia; May 19, 2008: Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has signed a Memorandum of Understanding (MoU) with The Ritz Carlton, a globally recognized luxury & lifestyle hotel and resort brand, for the management of a luxury resort within the Resort Cove district of KAEC.




Scheduled to open in 2011, the luxury beachfront resort will feature a combination of luxurious guest rooms and private villas designed to meet The Ritz Carlton standard with a choice of dining experiences, a world-class fitness center and spa, beach & other outdoor leisure facilities, and banqueting facilities. The planned luxury residential villas will also have access to the services of The Ritz-Carlton, including daily maid service, valet, 24-hour room service, and extensive fitness and facilities.




The new resort will be located on a 180,000 square meter plot of prime beachfront property in the Resort Cove district of KAEC. The Resort Cove is a gated development situated along a 4-kilometer stretch of virgin coastline along the Red Sea. The Resort Cove includes Esmeralda, a unique villa and townhouse community, the first of its kind in Saudi Arabia. Esmeralda will feature over 2,000 villas and townhouses nestled alongside a world-class 18 whole golf course. The community will also feature an exclusive town center, club house and several retail and leisure outlets.




Mr Fahd Al-Rasheed, Board Member and Chief Executive Officer of Emaar E.C said: “The agreement with The Ritz-Carlton reiterates the on-schedule development of KAEC, by bringing in world-class partners for the operation of the various components of the mega-project. The Resort Cove district will be a vibrant value addition to KAEC, and will encourage investments in the hospitality & leisure sector. The Ritz-Carlton has proven reputation and standards of service excellence that will further complement our objective of providing an integrated quality lifestyle to KAEC residents and visitors.”




Established in 1983, The Ritz-Carlton currently operates over 71 hotels worldwide in 23 countries with plans for further expansion in the Middle East and internationally. The Ritz-Carlton Hotel Company is an independently operated division of Marriott International, Bethesda, Md.




KAEC is located near the Red Sea coast and has six key components: the Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities. Work is progressing according to schedule on the various zones including residential, commercial and leisure components.




About Emaar, The Economic City:




Emaar, The Economic City (Emaar.E.C), established in September 2006, is a Saudi joint stock company managed by Emaar Properties PJSC, one of the world’s largest property developers, and a number of high profile investors from Saudi Arabia. Emaar.E.C has a share capital of SR8.5 billion consisting of 850 million shares of nominal value SR10 each. Thirty per cent of the equity, worth SR2.55 billion, was offered for public subscription.




Emaar.E.C leads the master-planning and development of the 168 million sq m King Abdullah Economic City (KAEC), a project being built on a pristine location off the Red Sea in the north of Jeddah. SAGIA (Saudi Arabian General Investment Authority), the body responsible for inward investments into the Kingdom, is the prime facilitator for KAEC.




KAEC, a New Age City being built today for tomorrow’s generation of Saudi citizens, has six components – sea port, industrial district, educational zone, central business district with commercial, mixed-use, retail outlets and financial island, resorts and residential area.




The mega-project works closely with the Kingdom’s on-going drive to expand the economy, create employment opportunities for its youthful population and function as a catalyst to attract foreign investment, global trade, commerce and industry. Based on initial forecasts, the project and its several components will create up to one million employment opportunities in the various industries and service-oriented companies that will open in KAEC. It will also be home to 2 million residents.