First with Financial Comment from Arabia

Bin Laden wins $373m Emaar, The Economic City contract

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Emaar, The Economic City has awarded the $373 million contract to build 16 residential towers in Bay La Sun Village to Bin Laden Group. This will be the first residential phase of the King Abdullah Economic City.

Although its name is forever associated with the estranged terrorist of the same family, Bin Laden Group has a strong reputation through-out the GCC States and has been very active in Dubai.

The King Abdullah Economic City is Dubai-based Emaar Properties most significant project in Saudi Arabia, and bigger even than the $20 billion Downtown Dubai which includes the world’s largest shopping mall and the world’s tallest building, the Burj Dubai.

The letting of the Bin Laden contract brings to an end speculation as to when the construction of the King Abdullah Economic City might actually start. The 16 ten-storey towers are to be delivered in September 2009 and comprises 1,000 apartments with Red Sea views.


Written by Peter Cooper

April 29, 2008 at 11:20 am

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