Emaar, The Economic City (Emaar EC), which is developing King Abdullah Economic City (KAEC), has signed a Memorandum of Understanding (MoU) with The Ritz Carlton for the management of a luxury resort within the Resort Cove district of KAEC.
Scheduled to open in 2011, the luxury beachfront resort will feature a combination of guest rooms and private villas designed to meet The Ritz Carlton standard with a choice of dining experiences, a world-class fitness centre and spa, beach and other outdoor leisure facilities, and banqueting facilities.
The planned luxury residential villas will also have access to the services of The Ritz-Carlton. The new resort is to be located on a 180,000 sqm plot of beachfront property in the Resort Cove district of KAEC. The Resort Cove, a gated development along a four-km stretch of coastline along the Red Sea, includes Esmeralda, a villa and townhouse community.
Esmeralda will feature more than 2,000 villas and townhouses nestled alongside a world-class 18 whole golf course. The community will also feature an exclusive town centre, club house and retail and leisure outlets.
Fahd Al Rasheed, Board Member and CEO of Emaar EC, said: "The agreement with The Ritz-Carlton reiterates the on-schedule development of KAEC, by bringing in world-class partners for the operation of the project. The Resort Cove district will be a vibrant value addition to KAEC, and will encourage investments in the hospitality and leisure sector.
"The Ritz-Carlton has proven reputation and standards of service excellence that will complement our objective of providing quality lifestyle to KAEC residents and visitors."