Economic City: Saudi Arabia/Jeddah

[Slugbelch]

King Abdullah City IPO 'likely next month'
from Trade Arabia
Sunday, May 28, 2006

The King Abdullah Economic City, a new development coming up near Jeddah, is planning to launch its initial public offering (IPO) next month, according to a report.

The Saudi Capital Market Authority and banking sources have made no announcements regarding the date of the IPO, said the Gulf News report. The size of the IPO has not been made known.

However, it has been decided that 30 per cent of the equity of the company will be offered in the IPO and that it would be open for subscriptions for two weeks, said the report.

The cost of each share will be 10 riyals ($2.70) and the minimum number of shares to be purchased will be 50.

The city will be built at a pristine location on the Red Sea coast north of Jeddah with an investment of 100 billion riyals ($26.6 billion).

The Dubai-based Emaar Properties is the master developer of the giant project.





The City will be a mixed-use development located north of the commercial hub of Jeddah to ensure easy access from the Holy Cities of Makkah and Madina. A massive 55 million square metres of greenfield land with a 35 km shoreline close to the industrial city of Rabegh has been earmarked for the master development.

The City will have six distinct components – a modern world-class Seaport, Industrial District, Financial Island, Education Zone, Resorts and The Residential Area. Completion of the overall project will be done in stages with the first batch of businesses and residents moving into the City in a period of 24 to 36 months.

[Slugbelch]

Millennium Seaport:

When completed, it will be one of the largest in the world (2.6 million square metres):





The port will allow even the world’s largest super vessels to drop anchor. With its strategic location on the Red Sea and the instant access to key cities within Saudi Arabia, the port will have a designated area for light industry and logistics and be a natural platform for onward movement of goods to Europe, Africa, Asia and beyond. The port will have an integrated transport system with seamless high speed transitions from sea to rail, road and air, making the City the main gateway to the central and eastern provinces as well as the entire Kingdom.

The port, with its close proximity to the two Holy Cities of Makkah and Madina, will have a dedicated Hajj terminal that can receive over 500,000 pilgrims every season. To cater to the pilgrims’ every need, there will be adjoining hotels, medical centres and other world-class amenities.

[Slugbelch]

Industrial District:

It will cover 8 million square metres, and is exclusive to the requirements of a range of manufacturers – small, medium and large scale industry. They will represent sectors such as downstream petrochemicals, pharmaceuticals, research and development activities as well as a host of educational institutions that will prepare young Saudis for the jobs that the City will bring in. A sizeable area has also been set aside to develop accommodation for employees and their families.

[Slugbelch]

Waterside Resort:

It will serve up a most compelling mix of waterfront hotels and boutique residences. The master plan envisages 3,500 well-appointed hotel and residential bedrooms and suites, premium villas, plus an extensive retail element and an international-class signature 18-hole golf course and an equestrian club.

[Slugbelch]

Three residential districts:

The first district wraps itself around a town centre, which will be a blend of the traditional and the modern.


The second district will have a corniche as its main theme. It is in keeping with this concept that the district will ‘curve’ around a top-of-its-class marina and yacht club with 450 boat moorings.


The souq and retail elements will contribute 350,000 square meters of prime space. Around 75,000 residents are expected to live here. The third district will be a secluded residential community set on an island on a choice water location.

[Slugbelch]

Education Zone

It comprises of Universities, Schools and Research & Development Centres.

[Slugbelch]

Financial Island

Conceived to be a ‘city within a city’ for financial institutions. The Island will offer 500,000 square metres of office space for the leading international and regional financial entities, business hotels and a new exhibition and convention centre. Up to 60,000 professionals are to operate from the Financial Island on a daily basis.




Financial Island will be topped by two towers reaching up to 100 and 60 storeys that offer compelling views of the surrounding city skyline.

[malec]

Where the hell did you find all this stuff?
Thanks for taking the pics though, if you did take them, and if you didn't, thanks for uploading them

[Slugbelch]

RAK plans Mina Al Arab
AMEinfo
Monday, May 01 - 2006

RAK Properties has unveiled a development project, Mina Al Arab, worth $2.7bn, that will occupy a total area of 30m sqft spread over a beach front strip and a group of islands in Ras Al Khaimah. A number of themed resort hotels and two eco-hotels will be featured, in addition to a cluster of 3,500 residential units. The project will also offer 388 residential villas in various architectural styles.

[Australiasian]

scary...

[James Bond Agent 007]

That has to be the most impressive model I have ever seen.

And the design of the city is cool, too!

[BnaBreaker]

[Slugbelch]

Moving right along......

Groundwork advancing at King Abdullah Economic City

Emaar
July 25, 2006 at 11:58

Riyadh, Saudi Arabia, July 25, 2006: Emaar the Economic City (EEC), a consortium headed by global real estate major Emaar Properties PJSC and a number of high profile investors from Saudi Arabia, has made rapid progress on ground and site work for its flagship development in Saudi Arabia, the King Abdullah Economic City (KAEC).

The single largest private sector initiative in the Kingdom, KAEC is a SR100 billion (US$26.6 billion) project off the Red Sea Coast covering a Greenfield site of 55 million sq m. Saudi Arabian General Investment Authority (SAGIA), the body responsible for inward investments to the Kingdom, is the prime facilitator of KAEC.

EEC’s initial public offering of 255 million shares – 30 per cent of its total equity – to raise SR2.55 billion (US$679.9 million) is currently open for subscription and will run through August 2, 2006. Approved by the Capital Market Authority (CMA) of Saudi Arabia, the IPO is fully underwritten and open only for Saudi nationals. The subscription is for a minimum of 50 shares and a maximum of 25,000 shares of SR 10 each.

“KAEC is more than a property development – it will usher in a new era in the economic growth of Saudi Arabia through its six well-rounded components that integrate commercial, retail, residential and leisure amenities,” said EEC Chairman Mr Mohamed Ali Alabbar. “Apart from building a whole new city and laying out the entire infrastructure support, the direct contribution of KAEC to the economy is its employment potential of 500,000 jobs.”

Groundwork on KAEC, unveiled late-2005, is going full steam ahead. The structural steel work for the presentation center has been executed and installation of precast walls will be completed in a fortnight. Work is also underway on the project’s first boulevard - a 15 km long stretch that features over 3,000 palm trees.

“Excavation work for the first city canal to run through the Red Sea Village, a component of KAEC, has started. Geotechnical investigations are being conducted for dwelling units, and designs for one of the main entry gates, the first Corniche Park and marina have been completed. There are over 500 workers on-site now, and the number will exceed 1,000 soon,” said Mr Nidal Jamjoom, Chief Executive Officer, EEC.

During the first three years, construction will be focused on four major areas: the Port; Industrial areas; the Resort District comprising two major beachfront hotels, the first golf course and associated villas; and several apartments and office buildings in the Town Center.

Approved by the Ministry of Commerce & Industry vide Ministerial Resolution No. 609 dated May 13, 2006, for its incorporation, EEC aims to become “the largest property development company in the Kingdom and an investor in a diversified portfolio of high quality real estate assets,” said Mr Jamjoom.

King Abdullah Economic City will undertake mixed-use developments in its six components: a modern world-class seaport, industrial district, financial island, educational and healthcare zone, resorts and the residential area. The overall project will be completed in stages, with the first batch of commercial houses and residents expected to take possession within 30 to 36 months.

KAEC will integrate into the Kingdom’s on-going drive to expand the economy, create employment opportunities for its youngsters, catalyze foreign investment inflow and global trade, and boost commerce and industry.

[Slugbelch]

Record 10 million Saudis subscribe to SR2.55 billion Emaar the Economic City IPO

Property World Middle East
August 7:

An overwhelming 10 million Saudis, approximately half the country’s national population, subscribed to the ten-day initial public offering (IPO) of Emaar the Economic City (EEC), setting a new record in the Kingdom’s capital market history. Oversubscribed by 2.82 times, the SR2.55 billion IPO received 2.8 million applications with the total amount subscribed at SR7.18 billion.

In another record of sorts, the IPO fetched the largest ever subscription through automatic teller machines (ATMs) highlighting the trend of Saudi nationals being increasingly tech and online savvy. Over 30 per cent of the total subscriptions were made via ATMs.

EEC’s fully underwritten IPO, open only for Saudi nationals, had on offer 255 million shares at a nominal value of SR10 each, proceeds of which will be used towards the development of the King Abdullah Economic City (KAEC).

“The overwhelming response to the IPO is a direct result of the successful vision of The Custodian of the Two Holy Mosques King Abdullah bin AbdulAziz AlSaud to transform the economy of the Kingdom to be ready to leverage a host of opportunities aimed at the prosperity of the Saudi citizens,” said EEC Chairman Mohamed Ali Alabbar. “The forward looking policies of the Saudi Government and the Capital Market Authority (CMA) as well as the strong and growing economy of the Kingdom have played a key role in the success of the EEC IPO,” he explained.

“The invaluable support provided by Saudi Arabian General Investment Authority (SAGIA) in the creation of the EEC and in making the world-class KAEC project a reality, has strengthened our resolve to move ahead with confidence,” he said.

“We are thankful to the large number of Saudi investors for their trust in our company and in the prestigious KAEC project. As a path-breaking initiative, KAEC will usher in a new era of economic prosperity for the Kingdom and play a critical role in the housing, education, health care, financial and economic sectors. Besides, the project will also create over 500,000 employment opportunities for Saudi citizens amongst its various components. The huge response to the IPO is therefore a reiteration of the confidence investors have in the project and the value it brings to the Saudi society,” Mr. Alabbar added.

“The emerging investor appetite for sound offers in the stock market, as reflected in the overwhelming response for the EEC IPO, is a signal of confidence by Saudi citizens in the capital market and a new phase of balanced growth that is based on sound fundamentals and the financial performance of companies,” Mr. Alabbar said.

“The investor confidence in the EEC IPO adds momentum to the KAEC project, which has already made significant progress with site development work underway on the project’s first boulevard and geotechnical investigations being conducted,” said Mr. Nidal Jamjoom, Chief Executive Officer, EEC.

The IPO was fully underwritten with SABB as lead underwriters and Riyad Bank and National Commercial Bank (NCB) acting as sub-underwriters. HSBC is the exclusive financial advisor on the IPO with SABB appointed as lead manager. KPMG Al Fozan & Bannaga are the registered auditors and reporting accountants while Baker & McKenzie are the legal advisors.

The 11 receiving banks that supported the subscription were: SABB, NCB, Bank Al Bilad, Bank Al Jazira, Riyad Bank, Banque Saudi Fransi, The Saudi Hollandi Bank, The Saudi Investment Bank, Arab National Bank, Al Rajhi Banking & Investment Corporation and Samba Financial Group.

Mr. Ioannis Karapatakis, HSBC Managing Director, Global Investment Banking Advisory, said: “The EEC IPO was a trend-setter with investors showing their preference for alternative channels like ATMs, Internet and tele-banking to subscribe to the shares. It is a robust indication that Saudi investor are now more tech-savvy. The IPO marked the first time, anywhere in the world, that a large number of subscriptions were conducted through ATMs.”

Mr. Adel Marzook Al-Nasser, Deputy Managing Director, SABB, added: “The EEC IPO has surpassed all subscription records in the Kingdom by attracting 10 million subscribers, which is approximately half the Saudi national population. Of these, over 30 per cent subscribed through ATMs – a very encouraging trend. SABB is proud to have served as the lead manager of this record-breaking IPO. We thank all the receiving banks who worked closely with us on the IPO.”

EEC is a consortium headed by global real estate major Emaar Properties PJSC and a number of high profile investors from Saudi Arabia. Net proceeds from the offering will be used by EEC to finance the SR100 billion (US$26.6 billion) King Abdullah Economic City (KAEC). SAGIA, the body responsible for inward investments, is the prime facilitator of KAEC, the single largest private sector initiative in the Kingdom.

King Abdullah Economic City, which encompasses over 55 million sq m, will undertake mixed-use developments in its six components: a modern world-class seaport, industrial district, financial island, educational and healthcare zone, resorts and the residential area. The overall project will be completed in stages, with the first batch of commercial houses and residents expected to take possession within 30 to 36 months.

[Slugbelch]

http://www.arabianconference.com/ima...etype%3Apdf%22

[malec]

I really like the design of that supertall, any bigger renders of it?

[Slugbelch]

Thats about it. I'm surfin' at work now looking. Little news on this project lately other than water desalination issues.

[Thskyscraper]

Man, this is great. Another city rises from the sand!!!! This place looks great and I'm loving the supertall.

[q8_shaggy_17]

u guys can any of u tell me how high is the tallest building in the economic city???

[Thskyscraper]

Originally Posted by q8_shaggy_17

u guys can any of u tell me how high is the tallest building in the economic city???

Well Just imagine 100 and 60 stories