Emaar Middle East

Al-Oula took its gigantic step to establish “Emaar Middle East” Company of which it owns 40% in partnership with “Emaar Real Estate” in the United Arab Emirates.

The agreement was announced at the margin of Cityscape 2004 exhibition in front of a large public of prominent businessmen in the Gulf region who witnessed the giants meeting in the Gulf real estate market to establish a pioneer company in the real estate domain looking at the middle east map and planning its investments in all the states to provide a real contribution to the economic and social development in these states.

As a natural result to this distinguished collaboration and the importance levels of its parties in the economic formula in the Middle East region, the company launched its businesses and first investments through a giant project which the establishment of King Abdullah economic city whose investments volume does not exceed 100 billion riyals. The company is also executing Marsa Umm Al-Quwain project in the United Arab Emirates at a cost of 12 billion riyals.

The company is currently executing several gigantic residential and commercial projects in the kingdom, the most important of which Buhayrat Al-Khoubar project in the eastern region at a cost of about 3 billion riyals and New Jeddah Project at a total cost of 5 billion Saudi riyals.

It is also expected that Emaar Middle East company starts a big campaign launching various investments in most of the regional states during the present year 2006, which will include residential, tourist and investment projects in the kingdom, Bahrain, Oman, Jordan, Syria, United Arab Emirates and other middle eastern countries.