Abdul Latif Jameel, Saudi Arabia’s leading business group, and Emaar Properties, the global developer of iconic real estate assets, have signed a Memorandum of Understanding (MoU) to develop integrated property projects in the Kingdom of Saudi Arabia.
The two companies will launch the projects under the partnership entity, Emaar Jameel.
Mohammed Abdul Latif Jameel, President of Abdul Latif Jameel, and Mohamed Alabbar, Chairman of Emaar Properties, signed the MoU, which will see Emaar extend its world-class competencies in premium real estate development to create master-planned communities in the Kingdom.
Jameel said: “Abdul Latif Jameel is a socially responsible business organisation with a proven track-record in undertaking real estate projects, consumer financing, automobiles and general trading. Through our community-oriented initiatives, we have created thousands of jobs in Saudi Arabia and other countries in MENAT region, and we continue to focus on driving youth entrepreneurship.
“Today’s announcement demonstrates our commitment to build world-class real estate developments that meet the two key requirements of the Kingdom – creating more jobs and meeting the demand for homes. Emaar will bring its proven competencies in developing integrated communities that support all-round economic growth.”
Alabbar added: “We are thankful to Abdul Latif Jameel for the partnership to develop world-class real estate projects, which will be highlighted by a truly international and world-class design and superior build quality.
“Emaar will leverage the experience of developing master-planned ‘Downtowns’ that have strong positive economic impact, including the creation of new jobs and supporting youth entrepreneurship. Our integrated community developments will meet the growing demand for high-end and affordable luxury homes in the Kingdom, in addition to driving the hospitality and retail sector growth and strengthening all-round infrastructure.”
The master-planned communities by Emaar Jameel will draw on the latest technologies and offer smart connectivity. Featuring landscaped central parks, Grand Mosques, educational institutions, healthcare centres, children’s play areas and community centres, all the developments will be tailored to meet the lifestyle requirements of residents. Envisaged as ‘work, live and leisure’ environments, the projects will be designed by international architects, drawing on design inspirations from the region.
Founded by Abdul Latif Jameel in 1945, Abdul Latif Jameel Group is strongly focused on community service, particularly in community investment and creating job opportunities for young entrepreneurs and poverty alleviation, arts and education.
Emaar Properties already has a strong presence in the Kingdom through is business subsidiary Emaar Middle East, which is developing Jeddah Gate and Al Khobar Lakes, two premium lifestyle communities that are already established neighbourhoods. Emaar, The Economic City, listed on the Tadawul, is developing King Abdullah Economic City, one of the region’s largest of its kind developments.