Emaar, The Economic City and Orascom Development Sign Strategic Agreement to Develop 9.5 Million Square Meter Tourism Destination in KAEC

Emaar, The Economic City “EEC”, the master-developer of King Abdullah Economic City “KAEC”, announced the signing of a strategic agreement with Orascom Development Company and Alkholi Holding Company to develop a unique waterfront mix-use destination in KAEC. This initiative aims to enhance the city’s position as a family gateway to the western region with full connectivity to multiple destinations, including King Abdulaziz International Airport – Jeddah – at 35 minutes using Haramain Highspeed Railway.

As one of the most attractive destinations for tourism, entertainment, and business, King Abdullah Economic City offers investment projects in hospitality, lifestyle, entertainment, and residential sectors, enhancing the residents’ overall quality of life. Latest tourism projects currently under development in King Abdullah Economic City are the luxurious Vivienda resort, along with the 5-star Rixos resort featuring a waterpark, and ENVI Lodges ecological and environment friendly lodges.

Under this agreement, Orascom represented by Mr. Samih Sawiris will be the main investor to develop a world-class mix-use tourism city across a mega-parcel of 9.5 million square meters, leveraging on it’s experience in El Gouna (Egypt). Orascom’s extensive development in King Abdullah Economic City will feature a world-class marina, a fully-fledged downtown along with resorts, high-end residential developments, retail & commercial development, a wide range of restaurants & F&B outlets, as well as other commercial spaces and social facilities.

On this occasion, Mr. Fahad Al Saif, Chairman of the Board of Emaar, the Economic City (KAEC), expressed his delight about this venture, saying, “We are pleased with the strategic collaboration with Orascom Development and Alkholi Holding Company and we welcome them here in King Abdullah Economic City, distinguished by its world-class ready infrastructure and valuable offerings that have played a key role in attracting major investors and 3rd party developers like Orascom. Orascom’s ambitious project aligns with our strategic vision to enhance the tourism and quality of life in King Abdullah Economic City by attracting key developers. This project is a key milestone in turning King Abdullah Economic City into a unique tourism destination, contributing to achieving Saudi Vision 2030 goals.”

Mr. Samih Sawiris, Chairman of Orascom Development, said: “We are pleased to be a strategic partner for King Abdullah Economic City in our first development and investment in the Kingdom of Saudi Arabia. Through this effective collaboration, we look forward to contributing to the aspirations of King Abdullah Economic City with this massive project that will be a qualitative addition to the thriving Saudi tourism sector.”

“The new destination will be developed to Orascom’s high standards, which we have consistently upheld in every country where Orascom has been active. Our unique vision in implementing distinguished and attractive tourism projects and destinations worldwide is evident, from Egypt to Switzerland, Oman to Montenegro, and beyond. This reputation is exemplified by our flagship project, ‘El Gouna,’ in Egypt, which has received global acclaim as a preferred tourist destination over the past thirty years. Notably, El Gouna hosted the renowned El Gouna Film Festival, gaining global recognition and featuring prominent international cinema stars. We aim to replicate this exceptional experience in our upcoming project in King Abdullah Economic City” Mr. Sawiris added.

Dr. Hamza Alkholi, Founder / Chairman and Managing Director of the Alkholi Holding Company expressed his delight to be a strategic partner for the establishment of this massive tourist destination in partnership with Orascom. Dr. AlKhouli stated “The city is distinguished by its strategic location on the shores of the Red Sea and possesses state-of-the-art infrastructure, making it one of the leading economic cities in the region”. AlKhouli enthusiastically welcomed his group’s collaboration with Orascom in its first project in the Kingdom, contributing to the achievement of Saudi Vision 2030 goals.

Over the last 3 decades, Alkholi Holding is one of the shareholder and investor in Orascom Development. Alkholi Holding remains a strategic investor and developer of real-estate and hospitality mega-projects with a reach spanning across Middle East, Europe and United States; specifically catering to the residential and hospitality projects.

It’s worth mentioning that King Abdullah Economic City is an established and vibrant tourist and entertainment destination, hosting over 1.2 million visitors annually. The city boasts a comprehensive range of high-level facilities and services to accommodate various business operations, especially in the hospitality sector. This, coupled with its pristine Red Sea coastline spanning over 40 kilometers and diverse entertainment and tourism programs, makes King Abdullah Economic City an attractive destination for both local and international visitors.

KAEC is actively contributing to national objectives embodied in Vision 2030, from attracting foreign direct investment to developing the tourism sector, promoting sports, entertainment and the arts, creating new jobs, and growing non-oil exports through companies operating in its Industrial Valley.

KAEC welcomes third party investors, real estate developers and operators to realize their projects and ambitions in the city and accelerate its development.