Emaar reviews several Saudi proposals

Emaar Properties is reviewing a number of business proposals and opportunities in Saudi Arabia but nothing has been finalised, the company said in a statement yesterday.

Emaar said it had a Saudi joint venture with the Al Oula Group and was developing two projects called Jeddah Gate and Al Khobar Lakes.

Other projects were still in the review phase, the company said.

"The company has been reviewing a number of propositions and opportunities in the country including a large master planned development in Riyadh. However, such proposals are still being reviewed ... no transaction has been finalised," the company said.

Jeddah Gate is a master planned mixed-use project spread over half a million square metres in Jeddah's new downtown. The SR6 billion ($1.6bn or Dh5.87bn) project will serve as a centrepoint for the city's new downtown.

Al Khobar Lakes is an integrated masterplan community which spreads over a total area of 2.6 million square metres. It will have two schools, healthcare facilities, a shopping centre, a community centre that includes a recreation club, swimming pools, nursery/kindergarten, convenience retail, public area, and food and beverage outlets and 11 mosques. The retail centre covers an area of 110,000 sq m, and will have convenience stores and fashion outlets for residents and visitors.

On Tuesday, Emaar said it was too early to estimate the income it will earn from a property project with Kingdom Holding Company in Saudi Arabia.

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