Emaar to develop mega Saudi project

[LRE]

Reuters
Published: June 14, 2009, 00:04


Riyadh: Saudi-based Kingdom Holding Co said on Saturday it has appointed Emaar Properties as lead developer of a large property project that will feature the world's tallest tower.

Emaar will be in charge of developing and supervising the construction of Jeddah Kingdom City land and Kingdom Tower, said an e-mailed statement from Kingdom Holding, which is 95 per cent owned by billionaire Prince Al Waleed Bin Talal.

"Emaar was selected... for their previous proven experience in the development of mega projects, their knowledge of the area and social setup," it said.

The project, with a total investment of at least 100 billion riyals (Dh100 billion), will be located in the Red Sea port city of Jeddah, Kingdom Holding added.

http://www.gulfnews.com/business/Real_Es...22573.html