Local contractor wins commercial building work in KAEC

22 September 2016

Commercial building will be occupied by local food company Almarai

Local firm Nesma Trading has been appointed as the main contractor for a commercial building in Saudi Arabia.

The firm will work on a commercial building, which is set to be occupied by local food company Almarai. The project is understood to cost about $120m, according to a source close to the scheme.

The local V3 Middle East Engineering Consultants is the main consultant on the project.

The project is being developed in the King Abdullah Economic City (KAEC) masterplanned economic zone in Jeddah.

KAEC is the kingdom’s largest real estate scheme. Emaar the Economic City (EEC), the local affiliate of Dubai’s Emaar Properties, is developing the project.

Launched in 2005, KAEC had a population of about 5,000 people and 120 industrial tenants at the end of last year. In January, the CEO of the city, Fahd al-Rasheed, said KAEC’s population was projected to hit 50,000 by 2020, with an ultimate target of 2 million by about 2035.

Earlier this month, MEED reported that Saudi Arabia’s Public Investment Fund (PIF) is planning to buy a stake in the project.

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