KAEC will house up to 2 million people in 250,000 apartments and 25,000 villas, creating 1.3 million jobs
The local branch of Dubai developer Emaar Properties, Emaar the Economic City, has awarded a $11.2m contract to the local Salim al-Harth Establishment for infrastructure work on its Beach Community 3 development in King Abdullah Economic City (KAEC), located in the western part of Saudi Arabia.
Under the agreement, Al-Harth will develop the underlying infrastructure, including roads, wiring, utility connections and piping.
A completion date was not mentioned in the companys statement.
Beach Community comprises 220 plots of residential land. The first two developments are sold out and Beach Community 3 is already 70 per cent sold.
Beach Community is a coastal neighbourhood in the Murooj district of the economic city.
The city will house up to 2 million people in 250,000 apartments and 25,000 villas, creating 1.3 million jobs. It will include a seaport; an industrial area; an educational zone; a central business district with commercial, mixed-use and retail outlets and a financial island; resorts and a residential area.
According to a 2012 masterplan, SR125bn ($33bn) investment will be required for infrastructure development in the new economic city in the coming years.
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